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PROPOSED RESOLUTION
URGING THE ILLINOIS GENERAL ASSEMBLY TO PASS A PROPERTY TAX FREEZE
WHEREAS, the national average residential effective property tax rate is only about 1.5%, even in urban areas, and
WHEREAS, homeowners in Illinois have the second-highest property taxes in the nation; and
WHEREAS, local spending is increasing at alarming rates, contributing to the debts across the State of Illinois; and
WHEREAS, Cook County has not increased its property tax levy since 1994; and
WHEREAS, property taxes are increasing while home values are still lower than 2007 values; and
WHEREAS, a property tax freeze would give local control over property tax levies, taxing bodies would increase property taxes through voter referendum, and local taxing bodies would be held accountable and be forced to control their spending; and
WHEREAS, a property tax freeze would alleviate some of the struggles homeowners experience with homeownership; and
WHEREAS, high property taxes in Illinois disproportionality hurt the poor and minorities; and
WHEREAS, in Maywood, the effective residential property tax rate is 5.29%, in Bellwood, the effective residential property tax rate is 5.21%, and in south suburban Riverdale a home owner that sold their home for $7,500 paid a $2,825 per year property tax bill, which is an effective tax rate of 38 percent, and over ten years that home owner would pay three times what their property is worth in property taxes; and
WHEREAS, over a sixteen year period from 2007 to 2023, homeowners in five south suburban communities would have paid more than twice their home's full value in property taxes; and
WHEREAS, over that same sixteen year period 35 other communities will have paid more than 100 percent of their home's value in property taxes; and
WHEREAS, in suburban Cook County nine of the ten worst housing markets are in the south suburbs; and
WHEREAS, a total of 21 of 51 south Cook County suburbs now have median sale prices of less...
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