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Cook County’s system to give property tax breaks to businesses is set to expire in two years, and Board President Toni Preckwinkle is looking to revamp the program that has already shifted billions of dollars in tax levies into the wallets of homeowners and other property owners.

While most Cook County residents are likely scarcely aware of the tax incentive program, its impact is far-reaching.

In 2022 alone, more than 90 municipalities across the county granted the breaks to qualifying businesses, taking $7.58 billion of those properties’ fair market value off the tax rolls, according to an analysis released by Preckwinkle’s office Friday.

That pushed $343 million onto property tax bills for other homeowners and businesses that year. But lo

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