A wet cloth to the forehead may be the best preparation for analyzing the real-world impact of property-tax reform plans such as the one unveiled Monday by Cook County Assessor James Houlihan.
With the housing market in a free fall, Houlihan announced that his office would be doling out special assessment relief to hundreds of thousands of homeowners across the Cook County suburbs while also conducting an ongoing reassessment of city properties that should reflect sagging property values.
But Houlihan couldn't promise that his initiatives would translate into tax cuts for many homeowners, and if they did come, it wouldn't be until next year.
The reason lies in a tax system so complicated that projections can defy even experts. If assessment levels dip, then schools, municipalities and park and library districts are likely to increase tax rates to compensate. The net effect would be that homeowners could pay the same, perhaps more, even if assessments fell.
Dispatches from Chicago's south side.
Tuesday, May 12, 2009
A property-tax cut? Good luck
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