Political momentum is building for a so-called “circuit breaker” that would reimburse lower-income property owners if they see sharp increases in their bills.
Cook County Commissioner Bridget Gainer introduced a resolution this month, calling on the county to create a $15 million “homeowner relief fund” for taxpayers experiencing sticker shock. The Cook County Board of Review, and Assessor Fritz Kaegi have endorsed the idea, saying he’s in touch with state lawmakers about potentially getting something passed next spring. However it is still unclear where the money for the program would come from.
In 2007, the last time county and state leaders implemented a “circuit breaker” to limit property tax hikes, it backfired. A state law put a cap on how much homeowners’ assessments could go up in a given year, but that ended up disrupting property valuations and made others pay more than their fair share. Now, leaders are instead talking about a public, income-restricted rebate program to reimburse some homeowners with high bills, instead of trying to cap their assessments.