What exactly is the 7 percent tax cap - also referred to as the 7 percent exemption? Plain and simple, it is a lie concocted by politicians. Most people would think, as I foolishly did, that the maximum property tax increase anybody would get in any year would be "capped" at seven percent over the previous year, i.e., taxes were $2,000 this year so they won't go past $2,140 next year. This seems very logical and understandable; but that's not the way it works. Keep in mind that it was dreamed up by cockroaches in order to pacify homeowners angry about their skyrocketing property tax bills. It was nothing but a stab in the back.
If you don't believe me, click here to take a look at my 2003 property tax bills. That was the year (2004) the cap went into effect, and you'll see how they jumped 250 percent from the first installment to the second. The tax cap only exists in the minds of politicians. And for whatever this tidbit may be worth, for as many times that I've seen one politician or another on a talk show claiming that "I support the seven-percent tax cap" or, "I helped pass the seven-percent tax cap", not once have I heard the host of any show point out the very pertinent fact that it is not really a seven percent cap. It's just smoke and mirrors!
Anyway, currently the boot-licking cowards of the Chicago City Council have sucked-up to the mayor and approved an additional $276 million in additional taxes (phone, booze, water, natural gas, parking fines, city stickers, etc.) of which $83 million will be in the form of property taxes. For some odd reason I seriously doubt that it will only be $83 million. And as a reminder, the mayor also wants to host the 2016 Olympics, which will cost billions. For now, Chicago officials have refused to disclose an estimated price tag for the Olympics and will make it public only after submitting it to the International Olympic Committee.
They probably want to surprise the taxpayers.
In England, they figure the cost for them to host the Olympics will be about 9 billion pounds. In dollars that's around $18 billion. If they actually do host them, you can bet your life that their taxpayers will be paying off that tab for a long, long, long, time.