CHICAGO -- Illinois Senate Republicans saod they plan to introduce a bill today that would extend to Cook County a property tax cap law that bars the issuance of general obligation bonds unless approved by voters.

The law, already in effect since Oct. 1 in five suburban Chicago counties, limits annual property tax collection increases by non-home-rule governments to 5% or the rate of inflation, whichever is less. The law also requires a referendum for any bonds issued that are directly or indirectly backed by property taxes.

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.