Previously, a state law put a 7-percent cap on the annual increase in the taxable value of property. But that law was phased out, so many homeowners are seeing a dramatic increase in their property taxes.
"During these tough economic times, we must do all we can to protect Chicago's middle-class and working families. They are the heart and soul of our city. If they don't prosper Chicago doesn't prosper and right now too many of them are struggling to make ends meet," said Gene Saffold, Chicago Chief Financial officer.
Homeowners interested in the program should fill out an application at city of cityofchicago.org
