Mendoza proposes higher property assessments on pricey homes

Chicago mayoral candidate Susana Mendoza and a Cook County tax bill (Credit: Daniel X. O’Neil on Flickr)

Chicago mayoral candidate Susana Mendoza is proposing a graduated property tax system that would assess expensive homes at a higher rate than others.

The current state comptroller unveiled the proposal as part of a package of initiatives she said she’d pursue as mayor, according to Crain’s.

Residential property in Cook County is assessed at a flat rate — 10 percent — but Mendoza told Crain’s she envisions “maybe three or four tiers,” with the assessment rate rising with the value of the property.

Mendoza wouldn’t be able to implement such a system as mayor because it would require a change in state law, but she said she’d advocate for the plan in Springfield and work with new Cook County Assessor Fritz Kaegi to make the overall property tax system more “progressive.”

Property taxes on more expensive properties in the county are already expected to rise under Kaegi, who has vowed a number of changes in the way his office values properties after beating longtime Assessor Joe Berrios.

Mendoza also said she’s open to increasing the real estate transfer tax on properties worth more than $1 million, which outgoing Mayor Rahm Emanuel came out against. [Crain’s] — John O’Brien

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