After many Cook County residents early this month were hit with soaring tax bills in this troubled economy, Assessor James Houlihan today is planning to propose an emergency fund to help.
Houlihan, who has long advocated major changes to a tax system that in recent years has become even more complex and unpredictable, will call for a 2008 property tax "circuit breaker" program, his spokesman said. Circuit breaker programs limit the impact of property taxes on those who can least afford to pay them.
The assessor also plans to call on lawmakers to meet and address the housing crisis caused by the sub-prime lending market that has sent economic shockwaves across the globe. Houlihan plans to seek help from Mayor Richard Daley and Cook County Board President Todd Stroger.