Your Chicago area property taxes might be uncapped

Friend of the blog Cal Skinner, a former state legislator, has keen eyes and he noticed something frightening in a Friday Chicago Tribune article:

One bill filed in the General Assembly in February would prevent the cap from falling below 2 percent. Another bill would allow the use of a different inflation measure in the formula—an employment cost index that tracks changes in labor costs—which could benefit school districts.

The "cap" is a tax cap. After years of school boards recklessly hiking taxes, the Illinois General Assembly instituted a Cook and collar county local property tax cap that limits tax increases to the Consumer Price Index. School boards and the like can seek higher taxes, but voters have to approve.

Last year was a different kind of year on many levels, especially economically. The 2008 CPI was an unheard of 0.1 percent. Which is why the Democratic-controlled General Assembly is considering a backhanded increase in taxes.

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