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Biz to pay under revamped property-tax cap bill

Posted on September 19, 2007

Crain's Chicago Business

This article outlines changes to a bill extending the alternative homestead exemption or "7% cap" Governor Blagojevich made though an amendatory veto. The amendments would make the measure permanent and increase the maximum exemption to $40,000. The Civic Federation is quoted cautioning that extending the exemption beyond three years is not a good public policy as the sharp escalation of home values that the exemption was meant to cushion may be ending.