Friday, August 04, 2006

Da Mayor Caps Property Taxes

Property Tax cap... whoohooo!

Aug. 02, 2006
By Lorene Yue Subscribe to an RSS feed on this topic
Daley urges extension of property tax cap

Mayor to send letter to Springfield urging action
(Crain’s) — Mayor Richard M. Daley is pressing the Illinois General Assembly for quick action to extend a cap on annual property tax increases.
At a Wednesday press conference, Mr. Daley said he will send a letter to Governor Rod Blagojevich and state legislative leaders asking the lawmakers to craft a solution to Cook County’s property tax issue and put it to a vote during the fall session.
“I believe it will be unacceptable to the homeowners and taxpayers of Chicago if Springfield stands by and does nothing while residents feel the burden of higher taxes which could have been controlled by the legislature,” Mr. Daley said, in a statement.
Senate President Emil Jones Jr. (D-14th District) has not received Mr. Daley’s letter, said Cindy Davidsmeyer, spokeswoman for Mr. Jones.

“The Senate voted for it,” she said. “The [Senate] president supports it.”
Mr. Daley and Cook County Asssessor James Houlihan, who pushed for the original cap, were able to get the extension pass the Illinois Senate, but not the House.
House Speaker Michael Madigan (D-22nd District) was not available for comment.
Three years ago, state lawmakers authorized a 7% annual cap on increases to the equalized assessed valuation, which is used to calculate property tax bills.
Related story: The 7% solution

That law is set to expire this year and proponents have tried to extend the cap for another three years. Cap supporters have said that homeowners, who saved an estimated $200 million to $300 million, could see their property taxes double without the extension.
But their efforts have been stymied in part by Mr. Madigan, who has said that the cap shifts the tax burden to businesses. The election for city mayor is next year.