The Civic Federation recently released its annual Effective Property Tax Rates report, which examines two- and ten-year trends in estimated effective tax rates for residential, commercial and industrial property in selected northeastern Illinois communities. The report highlights that in the ten-year period between tax years 2008 and 2017, the effective tax rates increased in all of the selected communities in Cook County and the collar counties (Lake, McHenry, Kane, DuPage and Will), except…
The Civic Federation recently released its annual Effective Property Tax Rates report, which examines two- and ten-year trends in estimated effective tax rates for residential, commercial and industrial property in selected northeastern Illinois communities. The report highlights that in the ten-year period between tax years 2008 and 2017, the effective tax rates increased in all of the selected communities in Cook County and the collar counties (Lake, McHenry, Kane, DuPage and Will), except…
Click here to read the full report. Click here to read the press release for this analysis. MAJOR FINDINGS Effective property tax rates are a measure of property tax burden for homeowners and businesses. They translate the tax rates on property tax bills into rates that reflect the percentage of full market value that a property owed in taxes for a given year. This report, produced annually by the Civic Federation, estimates the tax year 2017 (taxes payable in 2018) effective rates for…
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 of Cook County is reportedly considering asking taxpayers for a larger levy to pay for pensions and…
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 estimates. The Commission is chaired by the Cook County Chief Financial Officer and consists of three…
