LINCOLN PARK — Longtime homeowners could see some form of property tax relief despite the record $589 million hike approved by City Council Wednesday, but exactly how that will happen remains unclear.
In an email to constituents Wednesday, Ald. Michele Smith (43rd), who has been pushing for the relief, said she "secured a commitment" from Mayor Rahm Emanuel and other members of the City Council to implement a program that would give some kind of break to longtime homeowners who meet certain criteria.
But don't be confused by the email. When reached by phone, Smith told DNAinfo Chicago that a resolution calling for property tax relief for longtime homeowners passed the City Council, but not the actual ordinance she introduced Oct. 21.
She said the "details are still being worked out," but the program will start next summer. She asserted that getting that commitment ensures that there will be a relief program for longtime homeowners in the city whether or not an exemption passes at the state level.
The resolution states that council supports a property tax relief bill currently before the state legislature. But regardless of whether that passes, the resolution says "the City Council shall consider by June 1, 2016, an ordinance creating a City administered Property Tax Rebate Program for certain longtime homeowners."
"The program will take into account the number of years homeowners have lived in their homes, their age and income levels and the disproportionate impact that the increased property levy and 2015 reassessment of property values will have on their tax bills," according to a news release, which was sent following Smith's email.
Also in the release Smith pointed to the fact that homeowners are only in the early stages of appealing their triennial assessment notices, but "immediate action was necessary to lock-in the city's commitment."
Under Smith's Oct. 21 proposal, homeowners could get a rebate if they have an annual income of less than $100,000, or are older than 60 and have lived in their homes for more than 18 years. A rebate would also be offered if the home's assessed value is more than 30 percent greater than the previous year's assessment.
If those criteria are met, the homeowner would qualify for a rebate, or pay lower property taxes.
"On the surface it's very attractive for many neighbors, but it doesn't fund itself. Someone is going to pay," Dick Simpson, former alderman and University of Illinois-Chicago professor, previously told DNAinfo Chicago of Smith's proposal.
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