Thousands of Cook County homeowners were hit with 40%, 60% 80% or more increases in the assessed values of their homes. These massive increases in property taxes are forcing long-term residents out of the vibrant communities they call home. To fix this critical problem, Sen. Cullerton introduced the Neighborhood Homeowner Exemption Plan, which was passed in the second year of the 93rd General Assembly. This bill caps increases in the assessed value of property so that they will not increase by more than 7% in one year.