This article discusses the Civic Federation's Estimated Full Value of Real Property in Cook County report, released August 14. The full market value of real estate in Cook County declined by 6.4% in tax assessment year 2012 to approximately $414.4 billion. This sixth consecutive year of decline resulted in the lowest estimated value of Cook County real estate since 2001.
The Civic Federation today released its annual estimate of the full value of real estate in Chicago and the Cook County suburbs. After the rate of decline in estimated property values slowed for the County as a whole in 2011, the rate of decline increased again in 2012. Tax year 2012 is the most recent year for which data are available. The 2012 estimate of the full value of property in Cook County was $414.4 billion, a decline of $28.4 billion or 6.4% from the 2011 estimated full value. The…
(CHICAGO) The full market value of real estate in Cook County was approximately $414.4 billion in tax assessment year 2012 according to an annual estimate released today by the Civic Federation. The 2012 total value estimate represents a decline of $28.4 billion or 6.4% from the 2011 estimated full value. Tax year 2012 is the most recent year for which data are available. The 2012 estimates represent the sixth consecutive year of decline for real estate values in Cook County, from a high of $…
This report provides estimates of the total market value of real property in Cook County from 2003-2012 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 $414.4 billion in tax assessment year 2012. This represents a decline of $28.4 billion or 6.4% from the 2011 estimated full value. The 2012 estimates represent the sixth consecutive year of decline for real estate…
Second installment property tax bills for Cook County residents were mailed out this month, the third year in a row that they have been sent out on time. Between tax year 1977 and tax year 2011, second installment bills were sent out late every year according to the elected officials associated with the Cook County property tax process. Cook County Clerk David Orr’s office released the 2013 Cook County Tax Rates Report on June 19, 2014. The report lists property tax rates for all taxing…
Last week Cook County Clerk David Orr announced upcoming changes to property tax bills that will allow residential and business taxpayers with properties located inside tax increment financing (TIF) districts to see how much of their payments are going to TIF funds. For the first time, Cook County second installment property tax bills mailed this summer will show the tax amount and percentage of the total tax bill used for TIF. Previously, tax bills identified properties within a TIF and then…
Under Illinois law, the State is required to share a certain portion of state income tax receipts with municipal and county governments in Illinois through the Local Government Distributive Fund (LGDF). The state revenue shared with local governments is a legislatively required transfer from the General Fund to the Local Government Distributive Fund. The Illinois Comptroller then distributes the funds to the local governments based on population. Local governments are able to…
This article discusses the relationship between property taxes, politics and Chicago’s drastic unfunded pension liabilities. Governor Quinn vowed to veto an early version of a pension reform bill for two of Chicago’s pension funds that mandated property tax increases, but has since signed a revised version that removed the provision. The Civic Federation said it is unclear how Chicago could restore adequate funding to its pension system without additional property tax revenues being one part of…
UPDATE: Illinois General Assembly Passes FY2015 Budget On May 30, 2014, a day before the end of the Illinois General Assembly’s regular spring session, the Senate passed the FY2015 budget previously approved by the House. As discussed below, the budget does not cut spending or extend existing income tax rates that are scheduled to be rolled back midway through FY2015. It relies instead on short-term measures —including borrowing and shifting revenue from FY2014—to cover operating…
This article covers the analysis of Governor Quinn’s FY2015 Recommended Budget released today by the Institute for Illinois’ Fiscal Sustainability at the Civic Federation. The Civic Federation opposes the budget because it uses revenue from extending the 2011 temporary income tax increase for new spending, rather than reducing the State’s backlog of unpaid bills.
