Cook County Assessor Fritz Kaegi urged lawmakers across the county and state to collaborate on a “circuit breaker” policy to provide relief for homeowners facing large increases in their tax bills. Under a “circuit breaker” program, homeowners whose property taxes increase beyond their ability to pay would receive assistance with their bills. These programs typically benefit seniors on fixed incomes, low-income homeowners in gentrifying neighborhoods, and individuals who experience a loss of primary income. Most states across the country offer some form of circuit breaker program. A circuit breaker proposal could be instituted by both the Cook County Board of Commissioners and the Illinois General Assembly. The structure for such a program already exists at the state level, but currently lacks funding. Across the south and west suburbs, tax bills grew dramatically for homeowners. According to an analysis from the Cook County Treasurer’s Office, the median residential bill was $6,117, an increase of nearly 20 percent. Assessor Kaegi also detailed several other possibilities for property tax relief during Monday’s hearing, including changes to the longtime homeowners’ exemption to expand eligibility and the use of Tax Increment Financing funds.
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