2020 Civic Federation Legislative Priorities The Civic Federation's legislative priorities for 2020 include public employee pension reforms, consolidation of local government units in Illinois, enacting policies to rationalize the property tax system, creation of a Local Government Protection Authority, requiring the State of Illinois to…
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…
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%,…
(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…
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…
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…
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 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…
