The Civic Federation recently released its annual Effective Property Tax Rates report, which examines two- and ten-year trends in estimated effective tax rates for residential, commercial and industrial property in selected northeastern Illinois communities. The report highlights that in the ten-year period between tax years 2008 and 2017, the effective tax rates increased in all of the selected communities in Cook County and the collar counties (Lake, McHenry, Kane, DuPage and Will), except…
The Civic Federation recently released its annual Effective Property Tax Rates report, which examines two- and ten-year trends in estimated effective tax rates for residential, commercial and industrial property in selected northeastern Illinois communities. The report highlights that in the ten-year period between tax years 2008 and 2017, the effective tax rates increased in all of the selected communities in Cook County and the collar counties (Lake, McHenry, Kane, DuPage and Will), except…
Click here to read the full report. Click here to read the press release for this analysis. MAJOR FINDINGS Effective property tax rates are a measure of property tax burden for homeowners and businesses. They translate the tax rates on property tax bills into rates that reflect the percentage of full market value that a property owed in taxes for a given year. This report, produced annually by the Civic Federation, estimates the tax year 2017 (taxes payable in 2018) effective rates for…
The Civic Federation recently released its annual estimate of the full value of property in Cook County. The 2017 estimated value of all Cook County real estate was $585.6 billion. The 2017 estimates represent the fifth year in a row in which real estate values in Cook County increased after six straight years of decline. The 2017 total value estimate is an increase of $26.1 billion, or 4.7%, from the 2016 estimated full value. However, the 2017 full value of real estate is still $80.4 billion…
(CHICAGO) -- The full market value of real estate in Cook County was approximately $585.8 billion in tax assessment year 2017 according to an annual estimate released today by the Civic Federation. The 2017 total value estimate represents an increase of $26.1 billion, or 4.7%, from the 2016 estimated full value. Tax year 2017 is the most recent year for which data are available. The 2017 estimates represent the fifth year that real estate values in Cook County increased following six straight…
Click here to read the full report. Click here to read the press release for this analysis. MAJOR FINDINGS This report provides an estimate of the full market value of property in Cook County between tax years 2008 and 2017 using data provided by the Cook County Assessor and the Illinois Department of Revenue. The full market value of real estate in Cook County was approximately $585.8 billion in tax assessment year 2017. Tax year 2017 is the most recent year for which data are available.…
Supporters of a graduated income tax have emphasized its potential to stabilize the State of Illinois’ shaky finances and reduce pressure on local property taxes. However, like the previous income tax increases in January 2011 and July 2017, the new tax structure would continue to short assistance to local governments, many of which also face severe financial pressures. Public Act 101-0008, the graduated tax plan enacted in June 2019, is projected to generate an additional $3.6 billion for the…
The City of Chicago levies taxes on both hotel operations and occupancy. The City charges a 4.5% hotel accommodations tax and a 6.0% additional home share tax on rentals through companies such as Airbnb, as well as a 1.0% hotel operators tax. The original 4.0% home share tax was implemented in 2016 to fund supportive services related to housing for the homeless. An additional 2.0% tax was added in 2018 to support domestic violence services. The effective composite hotel tax rate in Chicago,…
In the State of Illinois, non-home rule units of government located in counties subject to the Property Tax Extension Limitation Law (PTELL) are limited in the size of their annual property tax extension to 5% or the increase in the Consumer Price Index (CPI), whichever is less. However, the limitation is subject to some exceptions and can be increased by referendum. The Forest Preserve District of Cook County is reportedly considering asking taxpayers for a larger levy to pay for pensions and…
A Commission created to analyze an annual five-year forecast of Cook County revenues held its first meeting in early July. The Cook County Board of Commissioners approved an ordinance establishing an Independent Revenue Forecasting Commission on October 17, 2018. The Commission is intended to help the Board of Commissioners make informed budgetary decisions by evaluating long-term revenue estimates. The Commission is chaired by the Cook County Chief Financial Officer and consists of three…
