That cap limits the increases homeowners can be taxed on their assessed property values. The cap is being phased out and will expire soon, which means this fall's property tax bills could jump hundreds of dollars.
"Homeowners cannot afford to pay more property taxes resulting from the elimination of the 7 percent cap. Taxpayers should not have to worry that their taxes will go up in the future, even when their homes have lost value in the downturn of the U.S. economy," said State Sen. Kwame Raoul of the 13th District.
Mayor Daley is also encouraging homeowners to appeal their property assessments and apply for the city's property tax relief program, which can provide $200 in relief for eligible homeowners.
