FY2016 Budget Season Summary December 3, 2015 marked the end of the budget season for the eight local governments monitored by the Civic Federation. These governments include: the City Colleges of Chicago, Chicago Public Schools, City of Chicago, Cook County, Chicago Transit Authority, Forest Preserve District of Cook County, Metropolitan Water Reclamation District of Greater Chicago and Chicago Park District. Four of the seven governments that levy property taxes held their levies relatively…
Ten-Year Trends for Cook County Show Highest Tax Burden in Harvey, Lowest in 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 8.08% in tax year 2013, while Chicago had the lowest residential rate in Cook County at 1.66% and the second-lowest of all 29 communities included in the…
The full market value of real estate in Cook County was approximately $459.9 billion in tax assessment year 2013 according to an annual estimate released today by the Civic Federation. The 2013 total value estimate represents an increase of $45.5 billion or 11.0% from the 2012 estimated full value. Tax year 2013 is the most recent year for which data are available. The 2013 estimates represent the first time since 2006 that real estate values in Cook County increased. The full report including…
This annual report compares estimated effective property tax rates in the six-county region of northeastern Illinois between 2004 and 2013, the last year for which data are available. Among the 12 selected Cook County communities that the Civic Federation analyzed, Harvey had the highest effective tax rate for residential properties at 8.08% in tax year 2013, and Chicago had the lowest residential rate in Cook County at 1.66% and the second-lowest of all 29 communities included in the…
This report provides estimates of the total market value of real property in Cook County from 2004-2013 and shows how property value is spread among the City of Chicago, the northern and the southern suburbs. The full market value of real estate in Cook County was approximately $459.9 billion in tax assessment year 2013. This represents an increase of $45.5 billion or 11.0% from the 2012 estimated full value. The 2013 estimates represent the first time since 2006 that real estate values in…
In an analysis released today, the Civic Federation announced it supports the Metropolitan Water Reclamation District’s Tentative FY2016 budget of $1.21 billion. The District proposes a reasonable, balanced budget while maintaining ample reserves and continuing to be fiscally responsible by properly funding its pensions and prefunding its retiree health benefits. The full 55-page analysis is available here. The FY2016 budget includes the maximum property tax increase allowed under state law…
The Civic Federation Supports the Metropolitan Water Reclamation District’s tentative budget of $1.21 billion for being reasonable and balanced while maintaining ample reserves and for its fiscal responsibility in properly funding pensions and prefunding retiree health benefits. The FY2016 budget includes the maximum property tax increase allowed under state law for the third year in a row, with the total levy increasing by 3.3%, or $18.5 million, to $577.8 million. The Civic Federation is…
In this interview on the City of Chicago’s Proposed FY2016 Budget with Mayor Rahm Emanuel, the Mayor discusses the Civic Federation’s analysis of the budget. The Civic Federation supported the budget and necessary property tax increase as a long overdue action to address the City’s public safety pension funding crisis.
This article discusses the amusement tax changes presented as part of Cook County’s FY2016 Proposed Budget and the lack of support the amusement tax is seeing. It cites the Civic Federation’s analysis of the budget proposal, which could not support the budget due to the one percentage point sales tax increase. A Civic Federation blog post went into detail on the amusement tax.
This article reviews the Civic Federation’s analysis of Cook County’s FY2016 Proposed Budget. The Federation could not support the budget because the introduction and approval of a one percentage point increase in the County’s sales tax in order to increase pension funding happened outside of the budget process, and there are legal uncertainties regarding the increased pension fund contribution.
