7% Assessment Cap Renewed On October 12, 2007, the so-called “7% assessment cap” was expanded and renewed by the Illinois legislature for three more years. The “7% assessment cap” is a State law designed to control property tax increases by increasing the size of the homeowner exemption. In order to apply in a given County, the County Board must adopt an ordinance to opt-in. So far, only Cook County has opted to do so.
The Governor previously vetoed this bill (HB 664) in an attempt to expand it even further. The legislature overrode the Governor’s veto.
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