(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 municipalities, Harvey had the highest effective tax rate for residential properties at 7.08% in tax year 2017, while Chicago had the lowest residential rate at 1.74%. Effective tax rates increased for all…
(CHICAGO) -- The full market value of real estate in Cook County was approximately $585.8 billion in tax assessment year 2017 according to an annual estimate released today by the Civic Federation. The 2017 total value estimate represents an increase of $26.1 billion, or 4.7%, from the 2016 estimated full value. Tax year 2017 is the most recent year for which data are available. The 2017…
Click here to read the full report. Click here to read the press release for this analysis. MAJOR FINDINGS This report provides an estimate of the full market value of property in Cook County between tax years 2008 and 2017 using data provided by the Cook County Assessor and the Illinois Department of Revenue. The full market value of real estate in Cook County was approximately $585.8…
Supporters of a graduated income tax have emphasized its potential to stabilize the State of Illinois’ shaky finances and reduce pressure on local property taxes. However, like the previous income tax increases in January 2011 and July 2017, the new tax structure would continue to short assistance to local governments, many of which also face severe financial pressures. Public Act 101-0008, the…
The City of Chicago levies taxes on both hotel operations and occupancy. The City charges a 4.5% hotel accommodations tax and a 6.0% additional home share tax on rentals through companies such as Airbnb, as well as a 1.0% hotel operators tax. The original 4.0% home share tax was implemented in 2016 to fund supportive services related to housing for the homeless. An additional 2.0% tax was added…
In the State of Illinois, non-home rule units of government located in counties subject to the Property Tax Extension Limitation Law (PTELL) are limited in the size of their annual property tax extension to 5% or the increase in the Consumer Price Index (CPI), whichever is less. However, the limitation is subject to some exceptions and can be increased by referendum. The Forest Preserve District…
A Commission created to analyze an annual five-year forecast of Cook County revenues held its first meeting in early July. The Cook County Board of Commissioners approved an ordinance establishing an Independent Revenue Forecasting Commission on October 17, 2018. The Commission is intended to help the Board of Commissioners make informed budgetary decisions by evaluating long-term revenue…
As part of the $45 billion capital bill passed by the Illinois General Assembly in early June 2019, and pending the Governor’s signature, the State’s tax on cigarettes and e-cigarettes will increase starting on July 1. The State of Illinois tax on cigarettes will increase by $1.00 from $1.98 per pack of 20 cigarettes to $2.98 per pack. The State will also start imposing a new 15% tax on the sale…
Cook County taxpayers have exceptionally long wait to correct tax mistakes (CHICAGO) – A Civic Federation analysis released today explores the history and repercussions of the significant accumulation of cases at the Illinois Property Tax Appeal Board (PTAB), which stood at 62,077 at the end of State fiscal year 2018. The backlog is primarily driven by a high volume of cases coming from Cook…
Click here to read the full report. Click here to read the press release for this report. AT A GLANCE This report explores the history and repercussions of the significant accumulation of cases at the Illinois Property Tax Appeal Board (PTAB) and offers recommendations for improving operations at the Board. SUMMARY The Property Tax Appeal Board (PTAB) is one of two property tax appeal…
