Chicago Homeowners Could Get 41% Tax Hike

The Chicago Sun-Times reports:

Chicago homeowners were warned Thursday to brace for a 41 percent increase in property tax assessments -- and the tax hike that comes with it -- unless the Illinois House renews a 7 percent cap on annual assessment increases.

"A home assessed at $150,000 in 2002 had a $4,052 tax bill that year. If the [cap] passes, the tax bill will drop to $3,997 next year. If the bill doesn't pass, the tax bill will rise to $5,465. That is almost a swing of $1,500," Mayor Daley said.

Someone has to pay for those "fine" Chicago Public schools and generous pensions Chicago gives out.