Chitownproperty

The Cook Country Board is considering a proposal today that would cut property taxes on rental apartment buildings 27.5 percent over three years while shifting the burden to homeowners and commercial property owners. Those tax payers would see a 2 percent increase to make up the lost revenue. The proposal, which is expected to pass, is intended to create more affordable housing by easing the burden on landlords, and has the backing of Mayor Daley and County Assessor James Houlihan. While no tax increases are welcome, this one is relatively small, amounting to $80 on a typical $4,000 tax bill.