COOK COUNTY – Property taxes in Cook County are once again drawing attention, this time with a proposed fix aimed at closing a loophole that critics say has unfairly shifted the tax burden onto homeowners.
What we know:
The property tax issue may disproportionately impact lower-income neighborhoods.
Commissioner Sean Morrison is leading new legislation that could bring major financial changes.
For years, thousands of properties in Cook County have been taxed at the residential rate of 10% despite being classified as commercial properties. The result: homeowners have been left to cover the difference.
Morrison said the misclassification, known as the “212 Loophole,” has cost residential taxpayers hundreds of millions of dollars.
His amendment is now in committee and drawing attention for its potential to change how Cook County handles commercial property taxes.
Morrison is also proposing new relief for seniors. Under his plan, homeowners 65 and older would receive a 10% reduction on their property tax bill every five years. The effort is part of a broader push to help seniors age in place without fear of losing their homes.
“These initiatives reflect a simple principle: government must stop rewarding loopholes and start protecting the families and seniors who have carried this county for decades,” said Morrison.
What’s next:
The proposal must advance through committee before heading to a full vote, but Morrison said the time to act is now.
The Source: The information in this article was reported by FOX 32’s Tia Ewing.
The post Cook County property tax fix could aid seniors, homeowners appeared first on Tripplenews.
