The Council’s Finance Committee is set to take up a proposed property tax rebate plan next Tuesday that “blends” several proposals from aldermen over the past year, following inaction in Springfield on the Mayor’s plan to double the homeowner’s exemption to $14,000.

The proposed rebate plan comes as the second installment of property tax bills are due August 1st. About a third of the city’s homeowners would qualify for the rebate plan, according to details released by the Mayor’s Office yesterday.

The plan would cost the city about $21 million to administer if everyone eligible applied for the rebate, which is unlikely, as was the case when Mayor Richard M. Daley rolled out a city-run rebate plan in 2010. That plan was aimed at offsetting the impact of the 2008 recession. About $35 million from the city’s parking meter fund was set aside for the program, but only 18% of eligible homeowners applied, so the city awarded only $2.1 million in rebates. It has also been said the Daley Administration did a poor job of publicly advertising the program.

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