Governor extends homeowner tax relief

September 20, 2007 (WLS) -- There's good news for homeowners in Cook County who could be getting some property tax relief. Governor Rod Blagojevich announced he's making a current property tax cap permanent.

The governor's using his veto pen to virtually re-write the tax relief bill passed by the legislature last month. Blagojevich said he believes the bill doesn't include enough homeowners or give them permanent tax relief.

"This bill is in many respects biblical," said Gov. Blagojevich. "It giveth and it taketh away. It gives the property tax relief that we passed in 2003 for one year, but then in the second year, it takes some of it away. And into the third year, it takes more of it away, so that by the end of the third year, all the property tax relief that homeowners in Cook County have enjoyed since 2003 is gone. That is a step backward, not a step forward. It's a phony-baloney property tax relief, a bad measure that's dressed up as a solution, and it would be wrong to sign."

His action means that a lot of the tax burden will be shifting to the high rises, condos and apartment buildings. They will have to make up the tax dollars that homeowners save.

Businesses opposes the governor's action. But the Cook County assessor is all for it.

"This will make our neighborhoods more livable," said assessor Jim Houlihan.

"This is a tax break we all need and look forward to having," said Mike Vacala, homeowner. "Hopefully, the veto will pass and we could all use the tax break."

"A business can only absorb increasing taxes so much. I mean, Chicago, Cook County, commercial property taxpayers are paying some of the highest rates in the country, if not the highest," said Michael Mini of the Chicago Chamber of Commerce. "And you reach a certain breaking point where you have to say enough is enough."

The business community would prefer the weaker bill that Blagojevich vetoed. And they'll be pressuring lawmakers to override the governor when they re-convene in Springfield next month.

The key opponent will likely be House Speaker Michael Madigan, who is also an attorney representing business clients in tax matters. Madigan supported the weaker bill. And the question is whether he will take action or let the tax cap die altogether.

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