New Law Increases Property Taxes in Chicago

Talk about a one-two punch: Homeowners in Illinois' Cook County are not only facing the expiration of a property tax cap later this year, but they're also seeing higher first-installment property tax bills, thanks to a new law Gov. Pat Quinn signed into law back in October.

In plain English, this all translates into higher property tax bills heading to the mailboxes of homeowners in Cook County, with the possibility of higher ones to come later in 2010.