Chicago Sun-Times
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This article discusses the scheduled expiration of Cook County’s Alternative General Homestead Exemption or “7% cap” which was created in response to a rapid increase in housing values beginning in 2000. The Civic Federation says the expiration of the 7% cap is unlikely to impact tax bills for the average homeowner because declining residential property values make it unlikely many residences will experience an increase in equalized assessed value of more than 7%. The Civic Federation’s primer on the Cook County Property Assessment Process explains how the taxable value of real estate is established in Cook County. Read the Civic Federation’s 2007 analysis of the “7% cap” here.