Chicago Mayor Lori Lightfoot has selected Bally’s Corporation to develop a mega casino in the River West neighborhood at the site of the Chicago Tribune’s current printing plant at Chicago and Halsted Avenues. In addition to the casino, Bally’s proposes the development of a theater, an outdoor music venue, a hotel, an extension of the Riverwalk, a park, restaurants and other amenities. The goal is to open the casino in 2025. A temporary casino is slated to open during construction at the…
The Civic Federation recently released its annual estimate of the full value of property in Cook County in tax year 2019. While the Federation’s estimate of the full value has grown each year since the trough in 2012, the 2019 total County value of $634.9 billion is still short of the previous peak of $666.2 billion. However, breaking out the values by assessment triad, the City of Chicago’s 2019 estimated full value of $335.9 billion has now surpassed the previous peak of $329.8 billion set in…
Click here to read this issue brief online. SUMMARY This annual report lists and describes selected consumer taxes within the City of Chicago. For ease of use by non-specialists, the taxes in this report are grouped under the following categories: sales taxes, tobacco and nicotine-related taxes, beverage-related taxes, utility-related taxes, accommodations-related taxes, transportation-related taxes and other taxes. It is important to note for tax professionals that the groupings are not…
The Illinois Property Tax Extension Limitation Law (PTELL) limits the growth of a taxing district’s property tax levy to 5.0% or the rate of inflation, whichever is less.[1] Taxing bodies annually can choose to increase the amount of property tax dollars they seek (the “levy”) up to the PTELL limit, to a lesser amount, or they can forego an increase.[2] The PTELL law applies to all non-home rule jurisdictions, including counties, municipalities and special districts in 39 of the state’s…
The $1.9 trillion American Rescue Plan Act (ARPA) was signed into law on March 11, 2021 and provides for $350 billion in funding for eligible state, local, territorial, and Tribal governments. The Coronavirus State and Local Fiscal Recovery Funds (SLFRF), a section of ARPA, provide significant revenue support to state and local governments, and in contrast to prior pandemic relief such as the CARES Act, the funding is not restricted to combating COVID-19. As part of SLFRF, larger governments…
On December 15, 2021, the Chicago City Council approved an ordinance (SO2021-3243) to regulate sports wagering in the City. The new legislation lifts a previous City ban on sports betting and allows for a 2% tax on gross sports betting revenues. It also allows for the opening of sports betting locations (also known as “sportsbooks”) in and around five of the City’s sports stadiums, among other locations. A landmark 2018 ruling by the United States Supreme Court struck down a federal law…
The Civic Federation annually releases a report on consumer taxes in the City of Chicago. Consumer taxes are tied to the use or consumption of certain goods and services that can be charged directly to consumers through retail transactions or passed on to consumers by businesses or governments. Consumer taxes in Chicago are imposed at various levels of government, including the City of Chicago, Cook County, the State of Illinois and the federal government. This blog highlights changes in three…
The Chicago City Council approved the City’s annual budget for FY2022 (which aligns with the 2022 calendar year) on October 27. The Civic Federation supported the City’s FY2022 budget totaling $10.6 billion in an analysis of the budget proposal released earlier this fall. This blog post takes a closer look at spending in the area of public safety within the City’s budget. Public Safety offices in City of Chicago government include the following: Police Department; Fire Department; Office of…
The Civic Federation released its annual analysis of the City of Chicago’s proposed budget this week. Included in the report was a section dedicated to the budgetary impact of the City’s four pension funds and evaluating trends in their funded status. This blog post reproduces that chapter for readers who might not otherwise see it. Pensions in the FY2022 City of Chicago Budget The City of Chicago’s four pension funds are severely underfunded. A combination of statutory underfunding, benefit…
Concerns remain regarding pension funding and sustainability Click here to read the full report. Click here to view the landing page for this analysis. CHICAGO – In a report released today, the Civic Federation expressed its support for Chicago Mayor Lori Lightfoot’s proposed FY2022 budget of $10.6 billion, because it leverages federal COVID-relief funding to balance the budget, maintain service levels and make needed investments in infrastructure. While supporting the spending package…
