The Civic Federation came out with an extensive study on the 7%. Their conclusion is - median increase across the city - 44% tax hike on residential properties...if the 7% is not renewed.
They gave examples in some areas like Englewood - TAX INCREASES OF 162%...we are not talking assessment increases - we are talking actual tax increases.
IAR and CAR oppose this renewal. The Civic Federation wants the 7% renewed with only the $20,000 "cap"...with tax increases on the average of anywhere from $2,000 to $5,000 (increases added onto a bill)
TRAC is saying, along with the Assessor and the Mayor - $20,000 is not enough. We want to see the cap increased to $60,000 which the Civic Federation said would result in a 2% DECREASE in residential property taxes. Sounds good to us!
This is just an FYI...no call to action yet...
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