A Fair, Predictable, and Transparent Property Tax System for Cook County
Property taxes should never force families, seniors, or small businesses out of their homes or communities. Unfortunately, Cook County’s current property tax system has become unpredictable, difficult to understand, and increasingly unfair. Homeowners can see significant tax increases even when they have made no improvements to their property. Meanwhile, when one neighborhood loses value, the tax burden often shifts to another. It doesn’t have to be this way. My property tax reform plan creates a system that is transparent and predictable, and that encourages economic growth rather than higher taxes.The Goal
The long-term goal is simple. Property taxes should be based on 1% of a property’s purchase price, with annual increases limited to 2% or the rate of inflation, whichever is lower. Homeowners deserve to know what to expect years into the future, rather than fearing reassessments and unpredictable tax bills.A Responsible Transition
Changing the property tax system overnight would create immediate winners and losers while disrupting local government finances. Instead, my plan provides a responsible transition. Every existing property’s current tax bill would be frozen. The freeze is temporary, not permanent. It allows Cook County to gradually transition to the new system without causing financial shocks for homeowners or the government. Each property’s target tax amount would continue increasing by no more than 2% annually until it reaches the homeowner’s current frozen tax bill. Once the target is reached, the freeze ends, and future increases remain limited to 2% or inflation, whichever is lower. This approach creates a smooth transition while protecting taxpayers from unpredictable increases.Transition Example
A homeowner purchases a home for $1,000,000. Under the new system:- Purchase Year: $10,000.00
- Year 2: $10,200.00
- Year 3: $10,404.00
- Current Target (after 3 years): $10,612.08
Assume the homeowner currently pays $12,000 in annual property taxes. Instead of immediately lowering their taxes, the property tax bill would remain frozen while the target amount gradually catches up.
| Year | Target Tax | Homeowner Pays |
|---|---|---|
| Today | $10,612.08 | $12,000 (Frozen) |
| Year 1 | $10,824.32 | $12,000 (Frozen) |
| Year 2 | $11,040.81 | $12,000 (Frozen) |
| Year 3 | $11,261.62 | $12,000 (Frozen) |
| Year 4 | $11,486.86 | $12,000 (Frozen) |
| Year 5 | $11,716.59 | $12,000 (Frozen) |
| Year 6 | $11,950.93 | Freeze Ends |
| Year 7 | $12,189.95 | Normal increases resume (2% or inflation, whichever is lower) |
Newly Built Homes
Newly constructed homes would immediately enter the new system. Property taxes would begin at: 1% of the purchase price Future increases would then be limited to 2% or inflation, whichever is lower. This establishes a simple, transparent standard for all future development.Ending the Tax Shift
One of the biggest problems with Cook County’s current system is that property taxes often shift between neighborhoods. When property values decline in one area, homeowners in another area frequently end up paying more to make up the difference. That is unfair. Your property taxes should be based on your property, not someone else’s. My proposal ends the constant shifting of tax burdens by replacing unpredictable assessments with a clear and understandable formula.Encouraging Housing and Economic Growth
This proposal also changes the government’s incentives. Today, governments often rely on rising assessments and higher property taxes to increase revenue. Under my plan, the best way to increase revenue is to expand the tax base by:- Building more homes
- Encouraging redevelopment
- Supporting new businesses
- Growing the local economy
- Attracting new residents
Instead of increasing taxes on existing homeowners, the government is rewarded for creating growth opportunities. Property tax reform works hand in hand with my broader housing policy. Increasing the housing supply helps reduce housing costs, encourages investment, and strengthens local communities. Read my full Housing Reform Plan here: https://go-murphy.com/housing-reform/
Benefits
- Predictable property taxes
- Protection from sudden tax increases
- Greater transparency
- Easier financial planning
- Protection for long-term homeowners
- Encourages homeownership
- Encourages new housing construction
- Rewards economic growth instead of higher taxes
- Ends tax burden shifting between neighborhoods
- Creates long-term stability for homeowners, businesses, and local government