On May 4, 2010 the Illinois General Assembly passed a bill that will significantly improve the transparency of information about Tax Increment Financing districts in Illinois. Senate Bill 3152 implements a number of the recommendations made by the Civic Federation in our 2007 TIF position statement which was based on the findings of our related TIF issue brief. The issue brief described the impact of TIF on property taxpayers as well as on non-municipal taxing bodies and explained how TIF…
The Civic Federation recently published a primer on the Cook County Property Assessment Process. It explains many features of the complex property tax system that ordinary taxpayers may have heard of but never understood, such as classification and equalization, and traces all the steps taken to arrive at a parcel’s final taxable value. The report reviews modifications to the classification system, including the recent “10 and 25” change to assessment levels. It also provides multi-year data…
(CHICAGO) A report released today by the Civic Federation explains the how the taxable value of Cook County real estate is determined and describes different assessment methods, the classification system, equalization, and exemptions. This report is the second in a series of four primers being produced by the Civic Federation. The previous primer released in November 2009 described the property tax appeals process at the Cook County Assessor’s Office and the Board of Review. The…
This report describes how the taxable value of real estate is established in Cook County, Illinois. It explains the determination of assessed value and the calculation of taxable value, including data on triennial assessment districts, assessment methods, classification, assessed value, equalization, homestead exemptions, taxable value, and estimated full value of real estate. Read the press release for this report here.
One of the Chicago Transit Authority’s ongoing fiscal challenges has been balancing the cost of providing rides on the CTA with the fares the Authority collects from its customers. CTA Board Chairman Terry Peterson announced at the Authority’s February board meeting that it costs the Authority approximately $7 to provide a ride on the system while the estimated average fare per trip in FY2009 was $0.97.[1] Between FY2006 and FY2009, the average fare collected per trip has increased 4…
When the Chicago City Council approved the Tax Increment Financing (TIF) Sunshine Amendment in April of 2009 that called for the creation of a consolidated and enhanced TIF information website, the City took a significant step towards improving the transparency of its TIF districts. Although the creation of the website improved the accessibility of some TIF information, the Civic Federation recognized that further additions and improvements could help with the City’s TIF transparency efforts.…
On February 7 the Chicago Transit Authority (CTA) will implement layoffs and service reductions intended to reduce its FY2010 operating costs by $95.6 million. The Authority, which faced a $300.9 million deficit when crafting its FY2010 operating budget, will lay off 1,100 employees and offer less frequent service on 119 bus routes and seven train lines. The Authority’s other deficit reduction measures include $32 million in savings from salary freezes, furlough days and unpaid holidays for…
Click here to read the Civic Federation’s February 2014 updated list of selected consumer taxes in the City of Chicago. In December of 2009, the Civic Federation released an update of its issue brief on Selected Consumer Taxes in the City of Chicago. The document includes descriptions of selected consumer taxes, recent changes in tax rates and explanations of how revenue from these taxes is distributed among local governments in Chicago. The report highlights changes in taxation that occurred…
The redesign of the Civic Federation website in July has provided the public, government officials, and the media better access to the Federation’s analyses of government services in Illinois. The regularly-updated Civic Federation blog especially has provided a constant source of information on the issues that the Federation covers, including local budgets and pensions, taxes, privatization and asset leases, and commentary on events in the news. Blog posts about local government budgets…
This brief provides an updated compilation of selected consumer taxes, including rates and descriptions, in effect in the City of Chicago on December 1, 2009. It includes such taxes as the sales tax, gas tax, amusement tax, lease tax, hotel tax, liquor tax, restaurant tax, soft drink tax, wheel tax, and parking tax.
