Cook County Assessor Fritz Kaegi announced the filing of a new bill in the Illinois Legislature aimed at providing property tax relief for struggling homeowners in Cook County.  The Circuit Breaker Property Tax Relief Act was filed in the Illinois Senate as SB1978 by Sen. Patrick Joyce (D-40th) and in the House as HB3808 by Rep. Justin Slaughter (D-27). This program is designed to help homeowners who have seen their tax bills spike by 25 percent or more from one year to the next. Credits given to homeowners would cover up to half of the tax bill increase. The typical residential bill increased by nearly 20 percent, or about $1,000, according to an analysis from the Cook County Treasurer’s Office.  Circuit breaker programs are common across the country – 29 other states, as well as the District of Columbia, already have them on the books. Illinois has previously had a similar program in place for senior citizens.  The relief program would apply to homeowners in the south and west suburbs, as well as all other parts of Cook County, who have seen large bill spikes dating back to 2021. If enacted, homeowners will have to claim a General Homestead exemption, as well as meet an income eligibility limitation, to be able to apply for credits through the program.

Photo Credit: Office of Cook County Assessor Fritz Kaegi