This article covers the Civic Federation's Estimated Effective Property Tax Rates 2001-2010 report released January 28. The report found that effective tax rates in 2010 for residential and commercial properties rose for each of the 32 municipalities in northeast Illinois that were studied. Between 2009 and 2010 commercial effective tax rates in each of the 12 Cook County communities studied went up by between 62.6% and 86.6%.
Effective Tax Rates for Commercial Properties in Cook County Rise Sharply (CHICAGO) The Civic Federation released its annual estimate of effective property tax rates in the six-county region of northeastern Illinois today. The report found that effective tax rates in 2010 for residential and commercial properties rose for each of the 32 municipalities studied. Additionally, effective tax rates in 2010 were also higher than they were 10 years ago for all communities studied, except for…
This report compares effective property tax rates in selected communities around metropolitan Chicago and finds that effective tax rates in 2010 for residential and commercial properties rose for each of the 32 municipalities studied. Additionally, effective tax rates in 2010 were higher than they were 10 years ago for all communities studied, except for industrial properties in Chicago, which were down by 15.1% since 2001. Between 2009 and 2010 commercial effective tax rates in each of the 12…
On July 1, 2008, a one percent sales tax increase went into effect in Cook County raising the home-rule tax from 0.75% to 1.75%. The increase brought the City of Chicago’s composite sales tax rate on general merchandise to 10.25%, the highest rate among major U.S. cities.[1]The increase was the result of political negotiations between then-Cook County Board President Todd Stroger, who originally proposed a 2% sales tax increase with his FY2008 budget, and the Cook County Board of Commissioners…
This article discusses an increase in the property tax burden for Cook County homeowners between 2001 and 2010 that occurred in large part because the value of business property dropped more significantly than home values during the recession. The Civic Federation’s Estimated Full Value of Real Property in Cook County: 2001-2010 report is cited.
In this blog, Greg Hinz covers the Civic Federation’s Estimated Full Value of Real Property in Cook County report released November 26. The report found the market value of property in both Cook County and the City of Chicago declined in 2010 for the fourth year in a row, dropping by 32.5 percent and 29.7 percent from their 2006 peaks, respectively.
In a report released today, the Civic Federation supports the $190.3 million proposed FY2013 Forest Preserve District of Cook County budget for its discipline in identifying non-tax revenue sources as an alternative to increasing the property tax levy. The proposed budget also maintains the District’s substantial reserves. The full 60-page report is available at civicfed.org. “President Preckwinkle and Superintendent Randall are responding appropriately to the District’s financial constraints…
The Civic Federation supports the Forest Preserve District of Cook County’s FY2013 proposed $190.3 million budget for its discipline in identifying non-tax revenue sources to hold the property tax levy flat for the fourth year in a row while maintaining substantial reserves. While the District’s overall budget demonstrates continued fiscal discipline, the Civic Federation is concerned about several negative trends threatening the District’s long-term fiscal health. The funded ratio of the…
The Cook County Board of Commissioners approved the FY2013 Annual Appropriation bill (FY2013 budget) on November 9. The budget was approved with a 16-1 vote. The Cook County FY2013 Executive Budget Recommendation was released on October 18 and the Civic Federation released its analysis of the budget on October 26, 2012. Since then, some of the proposed revenue enhancements underwent changes before being approved by the Board’s Finance Committee on November 2. The affected revenue enhancements…
Last week, the Civic Federation’s Institute for Illinois’ Fiscal Sustainability published a blog on the State of Illinois’ Personal Property Replacement Tax (PPRT) and why the State will be distributing $182 million less to local governments in FY2013. This blog builds on that one to show the impact of the drop in PPRT revenues on the City of Chicago’s FY2013 budget. The PPRT is a revenue source for local governments that was created by the General Assembly in 1979 to replace a tax on the…
