FINANCE
ORDINANCE
PROPERTY TAX REBATE PROGRAM
WHEREAS, the City of Chicago is a home rule unit of government as defined in Article VII, Section 6 (a) of the Illinois Constitution, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and
WHEREAS, last year, the City enacted a massive property tax increase of over 70%, amounting to an increase of over $550 million; and
WHEREAS, such a large property tax increase threatens the stability of the City's neighborhoods by placing a burden on the limited incomes of the City's working families; and
WHEREAS, it is in the best interests of the City's working families and neighborhoods to fashion a program of property tax relief; and
WHEREAS, the City Property Tax Rebate Program of 2010 identified $35 million in funds from the parking meter concession revenues, of which only $2.1 million was distributed; NOW, THEREFORE,
BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF CHICAGO, AS FOLLOWS:
Section 1. Purpose: Relation to other Ordinances.
The purpose of this Ordinance is to provide for the implementation of a property tax relief program where the City will reimburse a portion of property taxes paid for qualified owner-occupants and rental property owners in the City upon application and presentation of proper documentation. To the extent that the provisions of this Ordinance conflict with any prior Ordinance or provision of the City, this Ordinance shall control.
Section 2. Definitions
Chapter 2-32 of the Municipal Code of Chicago is amended by adding a new Section 2-32-627, as follows:
2-32-627 Property Tax Rebate Program
(a) As used in this section:
"Applicable year" means the calendar year for which a homeowner has received a final real estate tax bill that exceeds the final real estate tax bill for the immediately preceding year in an amount that qualifies the homeowner for a grant under this section;
"Chief Financial Officer" means the Chief Financial Officer ...
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