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 Cook County is set to issue refunds to around 53,000 homeowners
who may have overpaid their property taxes, according to the Cook County
treasurer. The refunds are the result of a bill passed by the General Assembly
in 2017 that increased property tax exemptions for homeowners and senior
citizens. Homeowners are expected to receive roughly $19.5 million in refunds.
Senate Bill 473, now Public Act 100-0401, was sponsored by state Sen. Antonio
Munoz, D-Chicago, and state Rep. Robert Martwick, D-Chicago. The measure
increased the maximum general homestead exemption to $10,000 from $7,000 for
homeowners in Cook County, while raising the county’s maximum senior citizen
homestead exemption to $8,000 from $5,000. The maximum household income for
qualifying senior citizen freeze exemption recipients will increase statewide in
tax year 2018 to $65,000 under PA 100-0401.
 Homeowners can find out whether they’ll receive a refund by visiting the Cook
County treasurer’s website. Taxpayers can see their refund status by searching
their address or PIN number on the “Your Property Tax Overview” page.
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Homeowners who paid online or by check
will receive a credit to their bank or credit card accounts by Aug.
15. Those who paid through a bank or mortgage escrow account will be
mailed a refund check by Oct. 15. And remaining homeowners who paid
in cash will be mailed a refund application by Aug. 15.
Unfortunately, this relief is likely to be short-lived. Property
taxes in Illinois rose 52 percent between 1996 and 2016, adjusting
for inflation. And most of these increases didn’t go toward
essential services. Instead, a larger share can be attributed to the
growth in pension costs, which are bound to increase in the coming
years without reform from Springfield.
Property tax refunds
may offer short-term relief to some homeowners, but they do nothing
to address the structural costs that have made Illinois’ property
tax burden among the highest in the nation. That can only happen by
reducing the state’s pension liability. Whether in the form of
legislation, a constitutional amendment or a Supreme Court decision,
property tax relief means a decrease in Illinois’ pension liability.
Any reform that fails to reduce the burden of pension costs on
taxpayers will hit Illinoisans via their single largest investment –
their homes.
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