Since the release of our 2012 Effective Tax Rates report on September 29th the Civic Federation has fielded many inquiries about how to calculate the rates for municipalities outside the study. In response, this blog will go through the steps to calculate an effective tax rate for tax year 2012 (taxes payable in 2013) and provide links taxpayers can follow to gather the data they need to estimate effective rates in their own communities. An effective tax rate estimates what percent, on average…
(The full content of this article is only available to the publication’s subscribers.) This article discuses findings in the FY2015 State of Illinois Enacted Budget analysis recently completed by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The analysis found that while General Funds expenditures appear to decline in FY2015, net expenditures actually increase by $528 million due to shifting funds from year to year and between State accounts.
This article reviews the FY2015 State of Illinois Enacted Budget analysis by the Civic Federation’s Institute for Illinois’ Fiscal Sustainability. The analysis found the budget relies on borrowing and will increase the State’s backlog of unpaid bills to an estimated $6.4 billion, marking the first year-end increase in the backlog since FY2012.
This column reviews the Civic Federation’s annual Effective Property Tax Rates report that looks at property tax trends in Cook County and the collar counties for tax years 2003-2012. The report found, among the 12 Cook County communities analyzed, Harvey had the highest effective tax rate for residential properties at 8.87% in tax year 2012, while Chicago had the lowest residential rate at 1.84%.
This week the Civic Federation released its annual Effective Property Tax Rates report. The report highlights the fact that in 2012 property tax burdens for many Northeastern Illinois communities rose. While analysis of the report often focuses on the 12 Cook County municipalities included in the study, especially Chicago, this blog will look at the selected communities in the collar counties. Effective property tax rates is an average calculation that offers a method of comparing residents’…
(The full content of this article is only available to the publication’s subscribers.) This article covers the Civic Federation’s annual Effective Property Tax Rates report that looks at property tax trends in Northeastern Illinois for tax years 2003-2012. All 12 Cook County communities analyzed experienced increases in their residential effective property tax rates in tax year 2012. Chicago had the lowest residential rate among the selected communities at 1.84%.
As recently as 2011, the State of Illinois projected its backlog of unpaid income tax refunds could increase to more than $1.0 billion but by the end of FY2014 nearly all refunds were paid. In FY2015, for the second year in a row, the State transferred revenues originally diverted to pay for refunds back into the operating budget. In FY2014 the State ended the year with only $1.6 million in approved refunds yet to be paid compared to a peak of $735 million in FY2010. The State also received a…
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 8.87% in tax year 2012, while Chicago had the lowest residential rate at 1.84%. The full report is available here. Effective tax rates are a measure of…
This annual report compares effective property tax rates in the six-county region of northeastern Illinois between 2003 and 2012. Effective tax rates for nearly all selected communities rose between 2011 and 2012, the most recent year for which data are available. Among the 12 selected Cook County communities, the Civic Federation found Harvey had the highest effective tax rate for residential properties at 8.87% in tax year 2012, while Chicago had the lowest residential rate at 1.84%.…
Public Act 98-0641, the City of Chicago’s pension reform bill, originally called for an increase in property taxes to help fund the Municipal Employees’ Annuity and Benefit Fund (MEABF) and the Laborers’ and Retirement Board Employees’ Annuity and Benefit Fund (LABF) of Chicago. However, in response to a lack of support for the property tax provision of the bill, it was revised to remove the property tax language. As a result, the City of Chicago had to find an alternative source of revenue to…
