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91_SJ0043
SDS/90Asjr0001/BSdo
1 SENATE JOINT RESOLUTION
2 WHEREAS, The Longtime Owner-Occupant Property Tax Relief
3 Act was enacted to provide relief to longtime homeowners
4 faced with substantial property tax increases as a
5 consequence of the renovation of existing housing stock, loft
6 conversions, and the construction of new, significantly
7 higher-priced residences in their neighborhoods; and
8 WHEREAS, Almost 32,000 building permits were issued in
9 the Chicago area in 1997, making it the fourth busiest
10 housing market in the country, leading to increased property
11 tax assessments; and
12 WHEREAS, Families, who are often on fixed or limited
13 incomes, are confronted with re-assessments which have
14 substantially increased their property tax bills, forcing
15 them to sell their homes; and
16 WHEREAS, An example of the large property tax assessment
17 increases have occurred in many neighborhoods can be seen in
18 the West Town area of the City of Chicago; and
19 WHEREAS, Almost 1,164 building permits were issued in
20 West Town in 1997, nearly double in the number in 1993,
21 leading to the fifth highest tax assessment increases among
22 city communities during the 1997 re-assessment, the last
23 re-assessment done in the City of Chicago; and
24 WHEREAS, Many West Town residents saw property tax
25 assessment increases of 40 or 50 percent and there are
26 examples of as much as a 123 percent increase; and
27 WHEREAS, The City of Chicago launched the Chicago
28 Homeowner Assistance Program (CHAP) in response to the
29 increase in property taxes caused by development, allowing
30 certain middle- and low-income residents to receive a
31 low-interest loan if their property tax assessments rose
-2- SDS/90Asjr0001/BSdo
1 significantly; and
2 WHEREAS, While CHAP is a well-intentioned program, it is
3 not meeting its stated goal of providing relief from
4 increased assessments that have resulted from Chicago's
5 housing boom and as a result, only 346 of the 33,000 people
6 eligible for CHAP applied in 1998; and
7 WHEREAS, Tax Increment Financing districts have
8 contributed to rapid increases in property values in nearby
9 communities and there have been twenty-four such districts
10 approved in the City of Chicago in the last two and one-half
11 years, which is equivalent to the number approved in the
12 previous ten years, with twelve more districts being
13 considered; and
14 WHEREAS, The established programs are not providing
15 adequate property tax relief to these citizens and, as such,
16 the Cook County Board, under the Longtime Owner-Occupant
17 Property Tax Relief Act, has the authority to help these
18 longtime residents remain in their homes despite the rising
19 property taxes; therefore be it
20 RESOLVED, BY THE SENATE OF THE NINETY-FIRST GENERAL
21 ASSEMBLY OF THE STATE OF ILLINOIS, THE HOUSE OF
22 REPRESENTATIVES CONCURRING HEREIN, That we urge the Cook
23 County Board exercise its authority under the Longtime
24 Owner-Occupant Property Tax Relief Act and grant an exemption
25 and/or deferral to reduce the property tax burden for
26 longtime homeowners in areas affected by dramatic increases
27 in assessments due to development; and be it further
28 RESOLVED, That suitable copies of this resolution be
29 transmitted to the Cook County Assessor's Office and the
30 members of the Cook County Board.