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Cook County, Illinois, has launched a significant initiative to support homeowners grappling with skyrocketing property taxes. The Board of Commissioners has approved a $15 million relief fund, earmarking $1,000 payments for eligible households struggling to meet their tax obligations.
The program, known as the Cook County Homeowner Relief Fund, targets residents whose property tax bills have surged by at least 50% since the 2021 tax year. To qualify, households must also have an income at or below 100% of the Area Median Income for their size. For instance, a four-person household earning $119,900 or less would meet the criteria.
The application process is slated to commence this summer, with $13.6 million allocated for direct disbursements after accounting for $1.4 million in operational costs. The initiative follows extensive public hearings held with property owners starting in September 2024.
BRIDGET GAINER, a Commissioner involved in the rollout, emphasized the severity of the issue, stating, “Property taxes are rising faster than homeowners’ ability to pay, forcing people to leave neighborhoods they love and undermining the best ability to build wealth – home ownership.”
TONI PRECKWINKLE, President of the Cook County Board, acknowledged the program as a short-term solution while the county explores long-term strategies to address the underlying problem. “This relief fund is a critical step in supporting our residents during these challenging times,” she said.
The initiative underscores Cook County’s commitment to alleviating financial burdens on homeowners and fostering community stability amidst rising living costs.
Sources: Cook County Government, WBEZ
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