(Chicago Tribune) — Faced with a politically tricky situation, Gov. Pat Quinn on Sunday signed legislation to extend a popular property tax break for Cook County homeowners but that also requires senior citizens to reapply each year for a tax exemption.
The law continues a 7 percent limit in annual growth of a home’s value for tax purposes. Chicagoans will get up to a $20,000 exemption on property taxes billed this fall under the law, according to Assessor James Houlihan’s office. Without it, the tax exemption would have dropped to $6,000.
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