City Council Update – Ordinances Introduced on 9/24
The Chicago City Council met on September 24th and several ordinances were introduced that will affect apartment owners and managers. CAA has been monitoring the property tax rebate initiatives, introduced as potential alternatives to an expansion of the homestead exemption, which would unfairly shift the tax burden from homeowners to commercial, industrial and apartment buildings. CAA believes the rebate programs are preferable to the expanded exemption so long as their revenue sources do not negatively impact apartment owners. An expansion of the homestead exemption would shift approximately 70% of the city’s proposed property tax away from homeowners and a portion would be absorbed by apartments and renters. Links: Rebate Proposals One and Two.