A bid to continue a law aimed at limiting soaring residential quality taxes has stalled following a legislative hearing forward a new study on the law's impact.

The law, which allowed counties to cap increases in exclusive right tax assessments at 7 percent expires this year for city residents. A bid to stretch out it passed the state Senate earlier this month if it were not that after the Illinois House reward Committee heard testimony Tuesday upon the study, a spokesman for House Speaker Michael Madigan said it was doubtful the House would consecrated by a vow on the measure before the Legislature's scheduled adjournment later this month "I don't know if there's going to be a rush to do this in the spring," Steve Brown said.

The thought released earlier this month, erect that a 7 percent cap forward assessments had resulted in a significant shift of the tax cargo from homeowners to businesses, landlords and in more [i]or[/i] less cases, other homeowners.

The consideration by the Institute of conduct and Public Affairs at the University of Illinois at Chicago, plant that Chicago homeowners eligible for the so-called homestead exemption -- for the chiefly part, those who live in their family circle -- saved the most: an average of 142 percent in 2003 Taxes for so homes in the north and southerly suburbs initially went up if it be not that by 2005 had gone down on more than 6 percent.

an residences that did not increase from more than 7 percent, however, saw an increase in taxes because tax bodies hiked rates, the report said.

Landlords be impressed it too

possessors of commercial properties and apartment buildings, as well as other properties not eligible for the homestead exemption, saw their tax bills pass up an average of between 33 and 41 percent in Chicago the last three years. In the suburb the increase was as high as 66 percent

meditation co-author Richard Dye said the authors simply wanted to document the tax shift taking place and took no position in succession whether the law should be renewed.

Supporters of the cap said the law was working and that it was "imperative" that the Legislature dilate the cap.

"That is exactly what it was designed to do," said Maura Kownacki, spokeswoman for garble County Assessor Jim Houlihan, who pushed the bill in 2003 Kownacki said the cap slowed the rate of a exclusive right tax shift from businesses to residential units, a shift that was below way because of skyrocketing one's own values in the area.

She said the assessor anticipateed at tax bills and place that 80 percent of homeowners' taxes went down between 2003 and 2004 a total savings of $280 million.

however Jerry Roper, president of the Chicagoland Chamber of trade said in a statement that the cap was a "failure" that is "nothing more than a massive tax shift of throughout $323 million in the first year alone."

dnewbart@suntimes.com

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