Chitownproperty

The Illinois House and Senate are making moves to compromise on legislation to extend the 7 percent property tax cap in Cook County. Earlier this year, the Senate had passed a bill increasing the Homeowner’s Exemption from $20,000 to $60,000, but House members introduced a competing bill that greatly reduced that amount. House leaders said the Senate plan was overly generous, but supporters of the Senate plan contend that the House bill will still allow property taxes to rise 40 percent over the next two years.

It had appeared that the two sides were at an impasse and the tax cap legislation would expire, but Sen. Terry Link (D-Waukegan), chief sponsor of the Senate bill, said yesterday they would be willing to pass the House version as long as it includes provisions for review each year.