Chicago aldermen are weighing a mayor-backed property tax rebate plan for households with incomes of $75,000 or less.
Approximately 155,000 households would be eligible for a property tax rebate of between $25 and $200. The average rebate would be $150.
Also under the plan, which is expected to cost the city $21 million, homeowners aged 60 or older would get a $100 rebate if they have experienced at least a 30 percent increase this year in the assessed value of their homes.
The rebate proposal, which contains components of several rebate plans recently introduced by aldermen, follows the $589 million property tax hike the council approved last year to pay for police and fire pensions and school construction.
Ald. Carlos Ramirez-Rosa (35th) was among the aldermen who previously proposed a property tax relief plan. He issued the following statement Thursday:
I applaud Mayor Emanuel, and Budget Director Alex Holt for working with aldermen to craft a property tax relief program that draws upon progressive provisions that I brought forward eight months ago. My position has always been clear - the city's property tax rebate program needs to provide substantial relief to working homeowners and renters. The fusion property tax rebate proposal brought forward today by the mayor is progressive; this proposal ensures that the poorest homeowners who see the largest property tax increase get the maximum rebate of $200. Additionally, seniors adversely impacted by the property tax increase will receive an added rebate of $100. I'm proud to be part of this effort that will bring much needed property tax relief to Chicago's working families
While today's proposal does not include renters, I will continue to work with the mayor's office and my colleagues to craft a proposal that will benefit renters. Further work is needed on a property tax rebate that will benefit renters, but that ongoing work should not delay this effort to bring relief to working class homeowners.