CHICAGO-Gov. Quinn has inked a bill that will provide thousands of homeowners of Cook County a temporary relief on property taxes and provide reforms on property assessment for state residents. The new law has extended the alternative general homestead exemption of Cook County by three years.
The cap of 7% on assessment increases and exemption were slated to end this year. However, the new law states that Cook County's senior citizens will need to apply for exemption every year. For the full story, go to Chicago Sun Times.
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