This article discusses the release of the Civic Federation’s annual report that compares effective property tax rates for residential, commercial and industrial properties in the six-county region of northeastern Illinois. The report found rises in 2011 tax rates for all of the collar county municipalities studied, while some Cook County communities saw decreases in residential effective tax rates. Effective tax rates in 2011 were higher than they were 10 years ago for all communities studied.
Since the Civic Federation’s last blog on changes to taxes imposed on tobacco purchases, Chicago area local governments have increased tobacco tax rates, which will have an impact on Chicago consumers. As part of the FY2013 budget and effective March 1, 2013, Cook County increased its home rule tax rate from $2.00 to $3.00 per pack of cigarettes. As part of the City’s FY2014 budget, Chicago’s home rule tax rate increased from $0.68 to $1.18 per pack of cigarettes, effective January 10, 2014.…
Despite savings from recently enacted pension reforms, the State of Illinois’ finances could still worsen considerably after income tax increases are partially phased out as scheduled beginning in 2015, according to a report by Governor Pat Quinn’s office. The three-year general operating budget projection by the Governor’s Office of Management and Budget (GOMB) and an accompanying economic and fiscal policy report show the State’s operating deficit increasing from $1.9 billion in FY2015 to $4…
Last month the Civic Federation released its annual estimate of the full value of real estate in Chicago and the Cook County suburbs. After four straight years of significant drops in estimated value, the rate of decline in the County as a whole slowed in 2011. Tax year 2011 is the most recent year for which data are available. The 2011 estimate of the full value of property in Cook County was $442.8 billion, a decline of $7.0 billion or 1.6% from the 2010 estimated full value. However, the…
The following posts were among the most highly read on the Civic Federation blog in 2013 and represent some of the most closely followed local government issues this year: City Council’s Proposed Independent Budget Office, A Civic Federation Recommendation January 2, 2013 This blog details a proposal introduced in the Chicago City Council on December 12, 2012 to create an Office of Independent Budget Analysis responsible for vetting all financial legislation before the Council. The Civic…
The following posts were among the most highly read on the Institute for Illinois’ Fiscal Sustainability’s blog in 2013 and represent some of the most closely followed Illinois fiscal issues this year: Analysis of Pension Reform Proposal Shows Significant State Savings January 3, 2013 This blog examines a pension reform proposal introduced in the Illinois General Assembly late in 2012 by a bipartisan group of legislators. Actuarial reports showed that the proposal could immediately reduce…
Last week the Civic Federation marked the end of the FY2014 budget season with a blog that summarized the proposed budgets for the eight local governments the Federation monitors. These governments include the City Colleges of Chicago, Chicago Public Schools (CPS), the City of Chicago, Cook County, the Chicago Transit Authority (CTA), the Forest Preserve District of Cook County, the Metropolitan Water Reclamation District of Greater Chicago (MWRD) and the Chicago Park District. This blog…
The full market value of real estate in Cook County was approximately $442.8 billion in tax assessment year 2011 according to an annual estimate released today by the Civic Federation. The 2011 total value estimate represents a decline of $7.0 billion, or 1.6%, from the 2010 estimated full value. Tax year 2011 is the most recent year for which data are available. The 2011 estimated decline is the fifth in a row for the whole County, but the rate of decline was the lowest since tax year 2007 and…
This report provides estimates of the total market value of real property in Cook County from 2002-2011 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 $442.8 billion in tax assessment year 2011. This represents a decline of $7.0 billion, or 1.6%, from the 2010 estimated full value. The 2011 estimated decline is the fifth in a row for the whole County, but the rate of…
Effective Tax Rates in Collar Counties Continue to Climb The Civic Federation released its annual estimate of effective property tax rates in the six-county region of northeastern Illinois today. The report found mixed results across the region for effective tax rates in 2011 with rises in tax rates for all of the collar county municipalities studied over 2010 while in Cook County some communities saw decreases in residential effective tax rates. Commercial effective tax rates in each of the…
