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County Commissioners Want Fund For Low-Income Homeowners

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A band of Cook County Commissioners plan to introduce a proposal to create a so-called "circuit-breaker" fund that would give relief to low-income homeowners who spend more than 5 percent of their income on property taxes.

The idea -- originally hatched by Cook County Assessor Jim Houlihan -- calls for creating a pool of cash that would be used to give struggling homeowners immediate property tax relief.

Forrest Claypool, Mike Quigley and Larry Suffredin plan to introduce an ordinance at next week's board meeting to establish that fund, which could use revenue from the county's sales tax increase. Homeowners who qualify could receive up to $700 to offset the cost of tax increases.

Read the whole story at Chicago Sun-Times