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Record #: O2022-3980   
Type: Ordinance Status: Failed to Pass
Intro date: 12/14/2022 Current Controlling Legislative Body: Committee on Housing and Real Estate
Final action: 5/24/2023
Title: Call for establishment of 2023 Property Tax Relief Loan Program
Sponsors: Rodriguez, Michael D., Hadden, Maria E. , Villegas, Gilbert, Brookins, Jr., Howard, Vasquez, Jr., Andre, Martin, Matthew J. , Waguespack, Scott, King, Sophia D., Taylor, Jeanette B. , Ervin, Jason C., Rodriguez Sanchez, Rossana , La Spata, Daniel , Cardona, Jr., Felix , Reboyras, Ariel, Taliaferro, Chris, Burnett, Jr., Walter
Topic: CITY DEPARTMENTS/AGENCIES - Finance, - CITY DEPARTMENTS/AGENCIES - Housing
Attachments: 1. O2022-3980.pdf
Related files: R2023-766
ORDINANCE

WHEREAS, The City of Chicago (the "City") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, As the City continues to confront the twin crises of the COVID-19 pandemic and inflation, the very same residents who are struggling to make ends meet are now facing large increases in their property tax bills; and
WHEREAS, The reliance on property taxes to fund government functions has put a tremendous strain on our residents - particularly those facing displacement and other pressures from gentrification; and

WHEREAS, This year, the overall property tax burden in Chicago increased by $468,000,000, with homeowners picking up approximately 60% of the increase while tax bills for the majority of commercial properties actually decreased after the appeals process; and

WHEREAS, According to a report issued by the Cook County Treasurer, the increase in residential property taxes is particularly and acutely affecting fast-gentrifying communities and majority-minority communities, including the Lower West Side (46%), Humboldt Park (30%), Avondale (27%), South Lawndale (25%), Rogers Park (25%), Irving Park (21%), Chicago Lawn (20%), Hermosa (19%), Armour Square (19%), Logan Square (18%), Grand Boulevard (18%), O'Hare (18%), Douglas (17%), Gage Park (17%), Kenwood (16%), and West Ridge (16%); and

WHEREAS, While different causes have been offered to explain these increases, two of the dominant causes are: (1) the effects of lower assessments during the early stages COVID-19 pandemic, that were then dramatically increased during the new triennial assessment cycle; and (2) the current and historic impact of property tax appeals shifting the tax burden from commercial properties to residential properties; and

WHEREAS, Our residents need assistance now, particularly since this year's second install...

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