The following news items cover the release of the Institute for Illinois’ Fiscal Sustainability at the Civic Federation's State of Illinois FY2018 Budget Roadmap, which proposes a comprehensive multi-year plan to address the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. ----- Chicago Tribune: Morning Spin: Budget watchdog calls for 40 percent hike in state income tax rate Politico Illinois Playbook: Civic…
(CHICAGO) – In a report released today, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability proposes a comprehensive five-year plan that addresses the State’s ongoing financial crisis and budget impasse with painful but necessary spending limits and revenue enhancements. The full 57-page report is available here. While Illinois has gone more than 19 months without a comprehensive, balanced budget, State government has continued to function because of court orders, consent…
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 addresses the State’s critical financial situation. While Illinois has gone more than 19 months without a comprehensive, balanced budget, State…
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 July 1, 2017. 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, transportation-related taxes and other taxes.
In this segment, Civic Federation President Laurence Msall joined a Chicago Tonight panel to discuss Governor Rauner’s recent State of the State address and Illinois’ continued fiscal issues.
Each year the Civic Federation releases an Estimated Effective Property Tax Rates report for 28 selected municipalities in northeastern Illinois. The most recent report looked at effective tax rates through tax year 2014 (for taxes paid in 2015), which was the most recent complete data available. This blog post shows how to calculate your municipality’s 2014 effective tax rate. How do I calculate my effective property tax rate? To find out what the effective tax rate is for residential…
Annually the Civic Federation releases a report on consumer taxes in the City of Chicago. Consumer taxes are charges for the consumption of goods or services and can be charged directly to consumers through retail transactions or passed onto consumers by businesses. This blog highlights the new consumer taxes that have been approved in the past year which go into effect in 2017, as well as changes to several taxes that were approved in 2016. …
This article covers the recent release of an annual Civic Federation report that examines effective property tax rates for selected municipalities in northeastern Illinois. The report found that Chicago had the lowest effective tax rate for residential property among 12 selected Cook County communities in tax year 2014, the latest year for which data are available. Civic Federation Vice President and Research Director Sarah Wetmore noted that the gap between Chicago’s effective tax rates…
Cook County Residential Properties See Decline in 2014 While Commercial Properties Rise (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 7.71% in tax year 2014, while Chicago had the lowest residential rate in Cook County at 1.56% and the second-lowest of all 29 communities…
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 2005 and 2014, the last year for which data are available. Among the 12 selected Cook County communities, the Civic Federation found Harvey had the highest 2014 effective tax rate for residential properties at 7.71% in tax year 2014, and Chicago had the lowest effective tax rate for residential property at 1.56% and the…
