“Daley said higher assessments, due to increasing property values, will result in property tax increases in Chicago of 10 percent to 50 percent this fall. If relief isn’t offered soon, families may be forced out of their homes, he said… Daley called on the General Assembly to impose a statewide cap of 7 percent on the annual increase in residential assessments.”

First, no one’s going to get a 50% increase in their tax bill — unless, of course, Daley has a secret budget hidden behind his back that figures tax rates will go up that high. (Hm…) Second, the 7% assessment increase would be a boon to my neighbors and me, but someone will have to pay the price. If taxes on the trendy north side plateau, the difference will have to be made up by higher tax rates for everyone — but especially in decidedly un-trendy parts of town.

The legislation will raise already bloody rates in south Cook County, where resegregation has slammed property values with the “segregation tax.” Already, property tax rates in Ford Heights are 314% higher than in Inverness, and 247% higher than in Chicago. Do we really want to exacerbate this situation?

(On a side note, I had to go through this 83-page file, listing tax rates for all of Cook County’s 1,000+ taxing districts, just to find those numbers. Man, does this place ever need tax reform of a different sort.)