Quinn signs property tax legislation, creates suburban oversight boards

Gov. Pat Quinn has signed legislation that affects property tax assessments in Illinois.

Quinn signed the legislation into law Sunday in Chicago. The governor's office says the new law extends the property tax cap in Cook County and creates oversight boards -- or Taxpayer Action Boards -- in Cook, DuPage, Kane, Kendall, Lake, McHenry and Will counties.

However, the legislation also requires about 280,000 senior citizens to reapply annually for tax exemptions.

Quinn says that's an "unnecessary" part of the legislation and can be handled later. Quinn called the Cook County property tax cap "the greater good."

The new law extends Cook County's 7 percent limit on yearly home-value growth for taxing purposes.