We all expected our property tax bills this year to go up, particularly since the assessed values bear little or no relationship to the market values of the property, but can someone explain why the homeowner exemption was so low? I know the 7 percent cap was being phased out, but why did the exemption for Elk Grove Township go from $20,000 last year to $6,000 this year? I thought it was supposed to drop from $20,000 to $16,000, then to $12,000, before bottoming out at $6,000. Am I missing something here?
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