The Single Room Operators Association, representing more than 17,000 single room occupancy units countywide, is grateful to the Cook County Commissioners and Assessor Thomas C. Hynes for developing legislation to permit qualifying owners of single-room occupancy proper-ties (SROs) to reduce their real estate tax assessment level from 33 percent to 16 percent.
The savings realized by this tax classification change will enable qualifying SRO properties to continue offering affordable housing, reduce homelessness and help to preserve this essential form of housing throughout Cook County. The Single Room Operators Association initiated this effort to reduce SRO tax assessment levels and first met with the assessor`s staff in February 1987.
While we support this new ordinance, we would like to point out that this legislation will only apply to about 40 percent of the existing SRO properties due to a very restrictive rent cap. We are hoping for a future modification to permit much broader participation by SRO properties.
We would also like to thank former County Commissioner Charles Bernardini and his staff for having introduced this legislation.
