As property tax bills surge across Cook County, one commissioner is leading an effort to create a $15 million property tax relief fund aimed at easing the burden on struggling homeowners.
Board Commissioner Bridget Gainer proposed the fund during a public hearing on Wednesday. It would draw from the estimated $100 million in interest fees generated from late property tax payments this year, significantly higher than the $35 million originally budgeted, the Chicago Sun Times reported.
The proposed relief fund would target low-income seniors and residents in gentrifying neighborhoods where property values — and consequently, taxes — have skyrocketed. Immediate intervention is necessary to prevent residents from being pushed out of the communities they’ve lived in for decades, Gainer said.
“If you’re forcing people to move before they’re ready, they lose the generational wealth,” she said, addressing the broader impact of escalating taxes.
The fund would provide “one-time unrestricted cash payments” to eligible homeowners, focusing on those who have experienced unexpected tax increases or who are paying a disproportionate amount of their income on property taxes.
Homeowners shared their struggles with rising costs during the hearing. Asiaha Butler, CEO of the Resident Association of Greater Englewood, said tax burdens led her to lose a South Side home over a decade ago.
Even those who invested in making vacant land productive are facing mounting tax bills, and Englewood residents fear they won’t be able to afford their land, she said.
Diane Limas, a homeowner in Albany Park, said her property tax bill nearly doubled in just one year. The sharp increase has forced her to consider selling the home where she has lived for 30 years.
“I don’t want to be forced out of my home,” Limas said.
While the relief fund is seen as a temporary fix, long-term property tax reform is essential, Gainer said.
The program would operate until November 2026, giving officials time to assess its effectiveness. In the meantime, Gainer hopes this initiative can provide some relief to those most affected while the county works toward more comprehensive solutions.
— Andrew Terrell
Read more
Politics
Chicago
Cook County Assessor’s mistakes undertaxed $444M in property value
Residential
Chicago
Property taxes soaring in majority-Black suburbs as values stagnate
Commercial
Chicago
West Chicago property tax values surge by 27%