4,000 sq. feet Office Space Available Today!
Designed By LiVentus

Northbrook News


Choose from the following:

My Northbrook Local News

Village of Northbrook News

Village Newsletter

Northbrook Star

Calendar of Events

FEATURED ARTICLE:
Businesses to Suffer Under New Property Tax Cap Bill

Leaders of both the House and Senate are drafting a final version of a tax relief measure that would cap tax assessment increases each year at 7 percent for Cook County homeowners. The legislation was created to provide relief to Chicago residential property owners whose property values have skyrocketed, but would have a significant impact on businesses.

Business leaders oppose the current version of the legislation that would instead shift the property tax burden to small businesses, apartment owners or renters of commercial properties. The Illinois Department of Revenue has estimated this shift would cost these groups at least $679 million over three years.

Throughout Cook County, homeowners are assessed at 16 percent of assessed value compared to 38 percent for commercial and 36 percent for industrial property owners. The classification system, the only one of its kind in the nation, is already designed to put a heavier burden on commercial property taxpayers than residential payers. The tax cap proposal would shift an even higher tax burden on business and commercial properties, and also create hardships for area schools.

Opponents of the legislation point out that existing protections target relief for long-time homeowners and seniors on fixed incomes as well as the homestead exemption.

There are also fears that the proposal would create a statewide de facto classification system by allowing other counties to voluntarily adopt the same residential assessment cap.

When finalized the measure will be sent to Governor Blagojevich for final approval.

source
NCCI