Of the 41 states with broad-based personal income taxes, Illinois is one of eight with a flat tax rate. The Illinois Constitution requires everyone to pay a single statutory rate, regardless of taxable income. The other 33 states and the federal government have graduated income tax rates, with higher rates applied to higher income levels. Should Illinois amend its constitution to allow graduated…
Click here to read this issue brief. This annual brief provides a compilation of selected consumer taxes, including rates and descriptions, in place in the City of Chicago as of January 1, 2018. The taxes in this report are grouped under the following categories: sales taxes, tobacco-related taxes, beverage-related taxes, utility-related taxes, accommodations-related taxes,…
Click here to read the full report. Prior to the release of the Governor’s annual budget recommendation, the Institute for Illinois’ Fiscal Sustainability at the Civic Federation releases an analysis of the State of Illinois’ fiscal condition. This report presents the Civic Federation’s multi-year plan to stabilize Illinois’ finances and balance the State's budget. While Illinois has…
The Civic Federation recently released its annual Effective Property Tax Rates report. The report highlights that in 2015 property tax burdens for many communities declined from the previous year. While analysis of the report often focuses on the 12 Cook County municipalities included in the study, this blog will examine the selected communities in the collar counties. An effective property tax…
This article discusses the recent release of a Civic Federation report that estimates the effective property tax rates for 29 selected communities in northeastern Illinois between 2006 and 2015. According to the report, most of the selected communities saw a decrease in their residential effective property tax rates in tax year 2015. However, effective tax rates increased for all…
(CHICAGO) The Civic Federation released its annual estimate of effective property tax rates in the six-county region of northeastern Illinois today. Among the 12 selected Cook County communities, Harvey had the highest effective tax rate for residential properties at 6.90% in tax year 2015, while Chicago had the lowest residential rate in Cook County at 1.66% and the second lowest of all 29…
Click here to read the full report. This annual report compares estimated effective property tax rates in the six-county region of northeastern Illinois between 2006 and 2015, the last year for which data are available. Among the 12 selected Cook County communities, the Civic Federation found Harvey had the highest 2015 effective tax rate for residential properties at 6…
Click here to read the full report. The Civic Federation supports the Metropolitan Water Reclamation District’s Tentative FY2018 budget of $1.13 billion because it continues to control operating expenses and maintains financial safeguards, including substantial reserves, to cover shortfalls or financial emergencies. As detailed in the report, the District’s FY2018 budget proposal continues to…
Click here to read the full report. The Civic Federation supports the Park District's FY2018 proposed budget because it reduces the District’s reliance on prior year fund balance, implements savings and efficiencies and reduces the size of the District’s workforce. At the same time, the District plans to increase the level of funding to its pension plan. As detailed in the report,…
Following Mayor Rahm Emanuel’s FY2018 budget address, Civic Federation President Laurence Msall spoke with a pool of reporters on the City of Chicago’s finances. He said the Mayor’s budget is a reasonable plan that can move the City forward but warned that Chicago still has long-term financial challenges that must be addressed. ----- Chicago Sun-Times: Emanuel unveils 2018 budget; Chicago…
