Effects of the "7% Cap" on Property Tax Paid in Cook County: 2002-2008, Including the Projected Effects of Eliminating, Renewing, or Expanding the Homeowner Exemption for 2006-2008

March 26, 2007

This comprehensive property tax study examines the effects of the "7% cap" (expanded homeowner exemption) on property tax throughout Cook County from 2002-2005, and projected 2006-2008. The report breaks out more categories of property and more specific municipalities and Chicago neighborhoods than previous reports. It finds that eliminating the exemption would create a median property tax increase of 43.6% over the previous year for Chicago homeowners in tax year 2006, 25.8% for north suburban homeowners in 2007, and 19.8% for south suburban homeowners in 2008.