Now that the Cook County Forest Preserve District’s $124.7 million budget has been approved without the help of a referendum to increase property tax revenue, Forest Preserve District Commissioners acknowledge that the District’s serious financial challenges need to be addressed over the next year. A proposal for a countywide referendum that would have asked voters on the March 2020 primary…
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…
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…
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…
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…
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…
