$15M Tax Relief Fund Proposed For Seniors, Low-Income Residents

With property tax bills rising sharply throughout Cook County, one commissioner is spearheading an initiative to establish a $15 million fund designed to provide relief for homeowners facing financial difficulties.

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Proposal Details

During a public hearing on Wednesday, Board Commissioner Bridget Gainer introduced the proposal for the fund. It would be funded by the projected $100 million in interest fees collected from late property tax payments this year, which is substantially more than the initially budgeted $35 million.

Targeted Relief

The proposed relief fund aims to assist low-income seniors and residents in gentrifying areas where property values and taxes have surged dramatically. Gainer emphasized the urgency of taking action to prevent longtime residents from being displaced from their communities.

Broader Impact

“If you’re forcing people to move before they’re ready, they lose the generational wealth,” she remarked, highlighting the broader consequences of increasing taxes.

Financial Assistance

The fund would offer “one-time unrestricted cash payments” to eligible homeowners, particularly those facing unexpected tax hikes or paying an excessive portion of their income on property taxes.

Community Voices

During the hearing, homeowners recounted their experiences with rising expenses. Asiaha Butler, CEO of the Resident Association of Greater Englewood, shared that the tax burden led her to lose a home on the South Side over ten years ago.

The program is set to run until November 2026, allowing officials to evaluate its effectiveness. In the interim, Gainer is optimistic that this initiative will offer some relief to those most impacted, while the county strives for more comprehensive solutions.

Personal Stories

Diane Limas, a homeowner in Albany Park, shared that her property tax bill nearly doubled within a single year. This steep increase has led her to contemplate selling the home she has inhabited for 30 years.

“I don’t want to be forced out of my home,” Limas expressed.