The Civic Federation has released its estimate of effective property tax rates in the six-county region of northeastern Illinois.The full report is available at civicfed.org/Effective_Property_Tax_2013_2022. Included are interactive maps showcasing the effective residential, commercial and industrial property tax rates of several municipalities in northeast Illinois.
CHICAGO — The Civic Federation yesterday released its estimate of effective property tax rates in the six-county region of northeastern Illinois.The full report is available at civicfed.org/Effective_Property_Tax_2013_2022. Included are interactive maps showcasing the effective residential, commercial and industrial property tax rates of several municipalities in northeast Illinois.
This report estimates the tax year 2022 (taxes payable in 2023) effective rates for selected municipalities in northeastern Illinois. Use our interactive property tax maps to compare residential, commercial and industrial property tax rates across the region.
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, cannabis-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 related to how the taxes are…
The Civic Federation today released Consumer Taxes in Chicago: A Compilation of Selected Taxes in Place in the City of Chicago as of January 1, 2024. 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, cannabis-related taxes, beverage-related taxes, utility-related taxes, accommodations-related taxes,…
Implementing a graduated real estate transfer tax as a source of new revenue has some advantages, but it is also extremely volatile. There has not been sufficient evaluation of the proposed graduated tax’s potential impact on the City’s real estate market and economy or a public explanation as to how the changes to the tax would impact tax burden by location and property use type. Through an analysis of transfer tax data obtained from the Illinois Department of Revenue, Civic Federation staff…
In September 2023 the Chicago City Council approved placing a referendum on the March 2024 primary municipal election ballot asking voters to approve a change in the structure of the City’s real estate transfer tax (RETT) from the current flat rate to a graduated rate. The tax would be imposed on buyers of properties. The tax proposal has been described as a “mansion” tax, but it would apply to commercial and industrial as well as high value residential properties.
The following are summaries of the five most-read posts presented on the Civic Federation’s blog in 2023, listed here in chronological order. The posts examine issues related to Illinois taxes and debt, Tier 2 Benefits, the SAFE-T Act, and the tragic passing of Civic Federation President Laurence Msall.
New data from the Illinois Gaming Board show that casino revenue gross receipts have continued their recent trend of annual growth, thereby increasing tax allocations to the State of Illinois and local governments. These data also offer first-month estimates of the City of Chicago’s inaugural casino, the temporary location of which opened Sept. 9, 2023, at the former Medinah Temple building. The revenue generated by the casino for Chicago will by State law be dedicated to the City’s police…
The most recent edition of an annual report from the Lincoln Institute of Land Policy and the Minnesota Center for Fiscal Excellence compared effective property tax rates across 53 municipalities in all 50 U.S. states. The report found that property tax rates vary greatly by city and state, and the variance was correlated with several local contextual factors, including a government’s reliance on property taxes compared to other types of taxes, variance in property values, levels of local…
