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Illinois

Top Ten in Property Tax Burden

NEW YORK, NY — Residents in New Jersey and Illinois pay more in property taxes than the rest of the country, according to a new report Wednesday from the financial news and opinion site 24/7 Wall St.. The authors reviewed the effective rate — meaning the total amount of property taxes paid each year as […]

PTAB Synopsis

The Illinois Property Tax Appeal Board has published a synopsis featuring attorney Mary Kathleen Fitzgerald. It is a review of the evidence and testimony presented by her and the attorney for the school district, in a contested effort to reduce the assessed value of a bank facility, located in Kane County, Illinois. The PTAB eventually […]

H-F board applies for state grant to reduce taxes

By Marilyn Thomas on January 7, 2019 – 6:06pm

The District 233 school board unanimously approved a grant application that could help reduce property taxes by more than $2 million.
 
The board agreed at its December meeting to apply for the Property Tax Relief Grant. The Illinois State Board of Education will review applications this month to […]

S&P lowers it’s rating on Illinois bonds

S&P Global Ratings lowered its ratings on Illinois’ Build Illinois senior- and junior-lien sales tax bonds to ‘BBB’ from ‘AA-’ upon the implementation of our recently released priority-lien tax revenue debt criteria. The outlook is stable.

“The downgrade reflects our view of the state’s general creditworthiness, which, under the new criteria, limits the final ratings on […]

Hospital Tax Exemption

By Scott Metcalf, Ares Dalianis, and Michael Hernandez 

Today, the Illinois Supreme Court issued a decision in Oswald v. Hamer marking the latest chapter in a controversy dating to 2003. The decision finds that Section 15-86 of the Illinois Property Tax Code, which provides a special charitable property tax exemption for hospitals, is facially constitutional. Given […]

TIF’s Up Close

 

Cool deal: To renovate Chicago’s Navy Pier, Mayor Rahm Emanuel used $55 million in TIF dollars—ostensibly meant for fighting blight. Barry Brecheisen/Invision for Popsicle/AP Images

The Trouble With TIF’s

by: TANVI MISRA

SEP 12, 2018

Cities love to use Tax Increment Financing to boost development. Should they?

Local governments often hail this tool as a way to revitalize investment-deprived neighborhoods, fix […]

Alternatives to the Property Tax

AN INTERESTING ALTERNATIVE TO THE  PROPERTY TAX PUBLISHED BY FORBES 9-15-18 

Each year, Americans pay billions of dollars in property taxes to support schools, libraries, parks, roads, emergency services and other necessities. But is this the best way to pay for education, transportation and other basics of life?
As a self-storage owner and developer, I am intimately […]

Law meant to give homeowners tax break may have done opposite for commercial property owners

The measure expanded property tax exemptions for seniors, crashing total assessed values in some towns
August 30, 2018 

A Cook County tax bill

A state law designed to give all Cook County homeowners a break on their property taxes may have done the opposite for owners of commercial and renter-occupied properties, especially in the city’s less affluent south […]

Solar Power

Solar Power Legislation In Illinois Could Generate $250-350

Million In Tax Revenue
August 23rd, 2018 by Jake Richardson

Illinois Governor Rauner recently signed two bills to support solar development conditions for Illinois farmers and rural areas.  They are SB 486 and SB 2591. The first creates a standard tax assessment value for local solar farms in Illinois. The second sets standards […]

Phil Kadner on Cook County

06/26/2018, 11:48am

You can’t invent a property tax system more discriminatory than in Cook County

Homeowners in poor south suburbs, such as Riverdale, where this home is located, pay far more in property taxes than homeowners in wealthy north suburbs. | File photo, Cook County assessor’s office

 

 

If you were going to invent a tax system designed to hit […]