PROPERTY TAX CAPS
QUESTION?
"What is a Property Tax Cap?"
ANSWER:
Legislation that limits the annual increase of property taxes. The Property Tax Extension Limitation Law. It limits tax increases to the lesser of 5% or the rate of increase in the Consumer Price Index during the calendar year preceding the levy year.
The Property Tax Cap legislation went into effect in Cook County in 1994. It is very complicated and has had a big effect on our revenues. Prospect Heights District #23 loses yearly access to over $1,000,000 in Real Estate Tax Revenue since the caps have been implemented. If you have any questions, we will do our best to answer them.