Cook County Assessor Joseph Berrios announced Thursday that legislation he crafted to increase the amount of savings for the Homeowner and Senior Exemptions has passed the Illinois General Assembly.
The bill is designed to soften the blow caused by the sunset of the 7 percent Expanded Homeowner Exemption, which was originally designed to provide relief from rising home values before the economic downturn.
“This is good public policy that will help take some of the sting away during a time when tax rates are jumping and property values are dropping,” Berrios said.
Gov. Pat Quinn now must sign SB 1894, which passed both the House and Senate, into law. Assessor Berrios has reached out to the Governor and asked him to sign the bill as quickly as possible.
“Time is of the essence with this legislation,” Berrios said. “To have an immediate impact on homeowners, it must be signed into law by mid-April.”