C
ook County Commissioner Bridget Gainer is pushing for a $15 million property tax relief fund to help struggling homeowners. The proposed fund would tap into the estimated $100 million in interest fees generated from late property tax payments this year, significantly higher than initially budgeted. This excess revenue would provide one-time cash payments to eligible low-income seniors and residents in gentrifying neighborhoods facing skyrocketing property values.

    Gainer emphasized that immediate intervention is necessary to prevent long-time residents from being priced out of their communities. She noted that escalating taxes can lead to the loss of generational wealth, as homeowners are forced to sell before they're ready. Homeowners shared their struggles during a public hearing, including Asiaha Butler, who lost her South Side home due to tax burdens over a decade ago.

    Diane Limas, a homeowner in Albany Park, saw her property tax bill nearly double in one year, forcing her to consider selling the home she's lived in for 30 years. Gainer sees this relief fund as a temporary fix, but acknowledges that long-term property tax reform is essential. The program would operate until November 2026, allowing officials to assess its effectiveness and work towards more comprehensive solutions.