As property taxes soar, Cook County’s Board of Commissioners has given the nod to a measure designed to offer a financial hand to homeowners feeling the pinch. Approved on Thursday, the new initiative promises $1,000 one-time payments to qualifiable households facing at least a 50% hike in property tax bills since 2021, with household income requirements set at or below 100% of area median income relevant to family size. Reports from The Chicago Sun-Times indicate that families of four making under $120,000 fall within the eligible bracket.
The relief effort, according to The Sun-Times, is expected to reach approximately 112,000 households, with applications projected to commence in June. Cook County Commissioner Bridget Gainer spearheaded the campaign, seeking to address financial stress for residents while awaiting more sustainable tax reforms. Commissioner Donna Miller voiced her support, emphasizing the need in her district’s aging majority and property tax burdened communities. “Losing your home to property taxes or having that stress on you is causing a great deal of problems,” Miller told Sun-Times.
Partnering with the University of Chicago, the County conducted research to understand the underlying factors of the steep tax increases, focusing attention on the most affected groups: seniors, residents of gentrifying neighborhoods, and those residing in areas where the commercial property tax base has eroded. Further details from the FOX 32 Chicago coverage revealed that some suburbs south of North Avenue experienced median tax bill surges close to 20%, marking a nearly 30-year high…