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Forget about that $50 million property tax cut that Cook County Board President Richard Phelan promised earlier this year. And never mind Mayor Richard Daley`s oft-repeated goal of holding the line on property taxes.

This is November-reality-check time for Phelan and Daley. `Tis the season to disclose and defend governmental budgets for the coming year. And guess what? The promises of spring have faded as surely as the Cubs and White Sox did. Cook County won`t be lowering any property taxes next year, and Chicago will be raising its, by a cool $48.7 million.

The two chief executives blame these reversals on two things: a sluggish economy and an uncooperative governor who just happens to be from the other political party. The first assertion is hard to refute. The second invites some scrutiny.

Phelan says he can`t cut the property tax because Gov. Jim Edgar cost the county $60 million by vetoing a bill that would have required the state to collect a portion of Cook County`s new three-quarter-cent sales tax. State help was sought to collect the tax on major items like cars and boats purchased outside Cook. But Edgar said it would be too hard for the state to figure out who lives where. So rather than put his county`s car dealerships at risk, Phelan is shelving the sales-tax surcharge on big-ticket items bought inside the county as well.

Daley blames Edgar for cutting the city`s share of the state income-tax surcharge, for slashing welfare for people who then wind up using more city services, and for blocking fiscal self-help like casino gambling.

Who`s really to blame here?

It`s true that Edgar hasn`t shown much compassion for the fiscal problems of his state`s largest urban center. But the governor has a gripe of his own. Last June, a Democrat-controlled legislature-having promised not to raise state taxes-whacked Edgar`s proposed 1993 budget by $160 million.

So the name of the game would appear to be, ”You beggar my budget and I`ll beggar yours.” But this is no game. Times are hard. The state can`t keep up with escalating Medicaid bills. Cook County is hard-pressed to operate its jails and hospitals. The city is up against new police and fire contracts.

Riding out this economic slump will require more cooperation between different levels of government and fewer recriminations. Fewer promises, too.