 |
|
Press Archive - 2005
Return to Press Archive
December 19, 2005
Chicago,
IL President John Stroger has released his proposed
2006 budget. At $3.1 billion, it does not call
for a property tax hike.
November 28, 2005
Chicago,
IL Crains Chicago Business is reporting that
total revenues from the City of Chicago's 131
TIF districts now exceeds $300 million annually.
November
15, 2005
Chicago, IL The Cook County Treasurer has announced
that effective immediately, tax payments according to legal descriptions will no longer be accepted.
November 14, 2005
Chicago,
IL The Cook County Treasurer has announced that
the 2005 Tax Scavenger Sale will begin on December
28, 2005.
November 3, 2005
Chicago, IL Mayor Daley has released his 2006
budget proposal. Expenditures of $5.2 billion
are to be made up in part by increased cigarette
taxes.
October 24, 2005
Chicago,
IL Cook County Assessor Houlihan, in an address
to the City Club of Chicago, has proclaimed
the success of the "7% cap" on residential
assessments and is urging that the cap be made
permanent. His speech, punctuated by references
to Ambassador Joseph P. Kennedy and the Chicago
White Sox, was premised upon the concept of
"helping the schoolchildren of Illinois".
October 12, 2005
Chicago,
IL Lori Healy has been named Commissioner of
the City of Chicago Department of Planning.
Mr. Healy, a former principal at the architectural
firm of Perkins and Will, is regarded as a expert
on the subject of tax increment financing.
October 6, 2005
Chicago,
IL The City of Chicago has announced that it
will not be expanding a special service taxing
district which would have been used to fund
Millennium Park.
September
30, 2005
Chicago, IL Cook County Board President John
Stoger announced today that he will be seeking
reelection to a 4th term and that he will urge
the passage of a tax increase just before that
election, in order to close a $300 million budget
deficit.
September
28, 2005
Chicago, IL Chicago's Mayor Daley called
for making the 7% Tax Cap on residential real
estate permanent today. He reasoned that when the
cap expires after tax year 2006, taxpayers may
suffer sticker shock.
September
26, 2005
Chicago, IL The Cook County Treasurer has begun
mailing the 2d installment 2004 property tax
bills. They are due on November 1, 2005 and
can be paid at any Cook County office, Bank
One facility or via the Internet.
September 21, 2005
Chicago,
IL Cook County Clerk David Orr has published
the local tax rates for 2004.
September 19, 2005
Chicago,
IL Cook County board President John Stoger has
indicated that a tax increase will be needed
in order to close a $300 million budget deficit
during fiscal year 2006-07. He has also indicated
that he is posed to run for reelection in 2006.
Cook County Democratic Party slatemaking is
scheduled to take place on November 21, 2005.
September 1, 2005
Chicago,
IL The City is Chicago has announced the dispatching
of firetrucks, payloaders, dumptrucks and workers
to New Orleans to assist with the cleanup of
Hurricane Katrina.
August
29, 2005
Chicago, IL City of Chicago officials are studying
the feasibility of expanding a special service
district in downtown Chicago. The district would
have taxing power that most likely would result
in an additional property tax levy. The funds
raised would be used in part, to redeem bonds
that were issued for the construction of Millennium
Park.
August 26, 2005
Springfield,
IL The Illinois Department of Revenue has set
the 2004 Cook County Property Tax Multiplier
at 2.5757, an increase of 4.7% over the 2003
rate. This increase will be seen on the 2004
tax bills which are issued during September
2005.
August 26, 2005
Chicago,
IL The Chicago Sun Times is reporting that the
Cook County Board has authorized the spending
of over $50,000 to send 27 County employees
to Hawaii for a convention of county administrators.
July 20, 2005
Chicago,
IL Three groups of tax buyers have filed a fraud
and racketeering suit in Federal Court against
a fourth group of tax buyers. The suit alleges
that the defendant, Sabre Group LLC. had multiple
bidders, via 3d parties, at a Cook County annual
tax sale.
The Cook County Treasurers Office has proposed
moving the tax sale process online in order
to protect against such abuses.
July 8, 2005
Chicago,
IL The Chicago Board of Education has proposed
a budget that calls for the maximum increase
in property taxes allowed by state law. According
to the Chicago Tribune, the new levy will result
in a tax increase of $7.61 per $100,000 in market
value.
June 29, 2005
Chicago,
IL The Northeast
Illinois Planning Commission has approved
the 2040 Regional Framework Plan. The plan being
advisory in nature, is intended to serve as
a guide to development in the Metropolitan Chicago
area. It
addresses the issues of land use, taxation,
transportation, open space, infrastructure and
environmental quality.
June 22, 2005
Chicago,
IL The IPT just concluded their 29th Annual
Conference at the Fairmont Hotel. Over 300 members
attended presentations ranging from "Recent
Legal Developments" to "New Trends
in Taxation".
June 6, 2005
Chicago,
IL The Cook County Assessor has issued new rules
for assessing Class 1, 3 and 5 properties. Among
the changes are: an owner-occupied commercial
or industrial properties with a proposed market
value of $500,000 or less now need only to be
accompanied by a "Letter of Value"
which includes a sales comparison approach.
Properties with a proposed market value of $500,000
or more, need only be accompanied by a limited
or complete appraisal. Another dramatic change
is that an appraisal for a property that is
fully or partially leased, is no longer required.
Such an appraisal is now merely considered "relevant".
These new rules together with all of the new
forms, suggest that the Cook County Assessor
has taken their automation process to the point
where they are attempting to eliminate human
input from the assessment process.
June 6, 2005
Chicago, IL The Cook County Assessors office
has released a newer version of the Owner-Lessee
Verification Form which was previously re-released
on May 2, 2005. It is unclear as to whether
the Assessor will accept the May 2 versions
which have already been signed by the taxpayers.
May 31, 2005
Chicago,
IL The Cook County Assessor has released a number
of new forms to be used during the 2005 triennial
reassessment. The
new forms contain virtually the same disclosure
requirements as predecessor forms except
now, they are designed to be scanned
into the Assessor's database.
May 31, 2005
Springfield,
IL An agreement between legislative leaders
and the Governor, as to the 2005-06 state budget,
has been reached. The new budget calls for a
portion of the $1.8 billion in savings generated
by "pension reform" to be diverted
to the Chicago Transit Authority and education.
May 25, 2005
Chicago,
IL John P. Fitzgerald, Ltd. was the first to
file an industrial/commercial complaint with
the Cook County Assessor, pursuant to the 2005
triennial reassessment.
May 25, 2005
Chicago, IL Maureen Murphy, Commissioner-Cook
County Board of Review, has published a letter
to the editor, which presents questions of concern,
in opposition to SB 755.
May 23, 2005
Chicago, IL The Cook County Assessor has released
a new version of if Assessed Valuation Complaint
form which is to be used during the 2005 triennial
reassessment. This form also appears to be designed
to be scanned into the Assessors database.
May 18, 2005
Chicago,
IL The Chicago Tribune has published a study
which is critical of SB 755, the legislative
proposal to raise state income taxes from 3%
to 5% and lower property taxes by "about
30%". According to the Tribune, the net
effect of the tax swap would be that Cook County
property owners would pay on an average, 20.1%
more in tax.
Passage of
this bill in its present form is doubtful because
it has been recognized for what it is, one of
the largest tax increases in Illinois history.
May 11, 2005
Chicago,
IL The Cook County Treasurer has announced that
the Annual Tax Sale for tax year 2003 will begin
on July 6, 2005.
May 5, 2005
Springfield,
IL Cardinal Francis George traveled to Springfield
yesterday seeking state aid for private and
parochial schools.
May 2, 2005
Chicago,
IL The Cook County Assessor has released a new
version of its Owner-Lessee Verification Form,
for use during 2005. The new form contains virtually
the same disclosure requirements except it appears
to be designed to be scanned into the Assessor's
database.
April 20, 2005
Chicago,
IL The Cook County Assessors Office has announced
that several new forms will be used during the
upcoming 2005 triennial reassessment. The forms
will be made available to practitioners during
the next several weeks.
April
13, 2005
Springfield, IL Over 800 Chicago Public School
teachers are journeying to the capital today
to show support for more state aid for education.
April 7, 2005
Chicago,
IL Mayor Daley is expressing concern about additional
state revenue for the CTA and Chicago schools.
He has suggested that the RTA consider increasing
its sales tax so that the CTA budget deficit
can be erased. He has also announced that the
establishment of a gambling casino in downtown
Chicago, is not a top priority for his administration.
March 18, 2005
New
Orleans, LA Thomas A. Jaconetty, Chief Deputy
Commissioner of the Cook County Board of Review,
addressed the 14th Annual ABA-IPT meeting on
the subject of ethics in the assessment process.
March 4, 2005
Washington
DC Federal Reserve Chief Alan Greenspan has
proposed the enactment of a national sales tax
to replace the income tax. Proponents say that
such a sales tax will stimulate economic growth
and increase the savings rate. Opponents claim
that such a tax will be result in a greater
burden on lower income people.
Acknowledging the "political realities,"
Chairman Greenspan suggested that perhaps a
hybrid tax, combination income and sales, should
be enacted.
The debate has started. The decisions that
result from this debate will will be reflected
in tax policy on every governmental level.
February 25, 2005
Chicago,
IL The Cook County Board has approved a 2005-06
budget that does not call for tax increases.
February 23, 2005
Chicago,
IL Mayor Daley has again called for more state
funding for local schools. He is contending
that a tax swap (an increase in the state income
tax in exchange for a decrease in the local
property tax) is the only fair method of insuring
adequate funding.
February 15, 2005
Springfield,
IL In his State of the State address, Governor
Blagojevich has proposed the taxation of computer
software currently being leased by business.
If enacted, this would be the first time Illinois
has taxed intangible property rights.
February 9, 2005
Chicago,
IL The Cook County Board has approved a 13.5%
increase in the 2004 property tax levy for the
Cook County Forest Preserve District.
January 25, 2005
Chicago,
IL The City of Chicago has closed a 99 year
lease on the Chicago Skyway and received a cash
payment of $1.83 billion. The city will use
some of the money to pay down debt and use the
balance to set up a reserve.
January 24, 2005
Chicago,
IL The first installment 2004 real estate tax
bills are in the mail. Payment is due March
1, 2005 and can be made at any Cook County Treasurer's
office or Bank One facility.
January 12, 2005
Chicago,
IL The Chicago City Council was recently discussing
the merits of ratifying a settlement which had
been hammered out between the lawyers in a case
involving the wrongful arrest of 2 seven-year-old
boys. After 5 years of litigation, the parties
agreed to a settlement of $2,000,000. Suddenly,
Alderman Burton F. Natarus from the 42d ward
got up and announced that $2,000,000 is not
enough and that the award should be $10,000,000.
Residents of the 42d ward pay more tax per residential
unit than any other neighborhood in Chicago.
How's that for representing the taxpayers interest?
January 6, 2005
Chicago, IL Cook County Treasurer Maria Pappas
has announced that beginning January 16, 2005,
Bank One has been awarded a contract to accept
and process property tax payments.
The contract is for a period of 2 years. Bank
One has over 250 branches in Cook County.
January 4, 2005
Chicago, IL Mayor Daley is proposing changes
to the assessment procedures used by Cook County.
He is proposing that each property be reassessed
annually and that each assessment increase be
capped. It is unknown when this proposal will
be enacted and whether this proposal will also
apply to commercial and industrial real estate.
January 4, 2005
Chicago, IL The Cook County States Attorney
has filed suit to block the Suburban Cook County
Tuberculosis District from awarding over a million
dollars in compensation and retirement benefit
to employees. State legislators are moving to
eliminate the taxing district which has a total
budget of 6 million dollars per year and treated
123 new cases of TB during 2003.
January 1, 2005
Chicago, IL John P. Fitzgerald, Ltd. is pleased
to announce the debut of Version V of PropertyTax.com.
Press Archive
Return to top
|
|
|
|
|
|
|
Contact Us
Contact Us:
For more information about property taxation in the United States, contact us at:
Law Offices
John P. Fitzgerald, Ltd.
Chicago, Illinois
Toll Free: (866) 518-2146
E-mail:
jpf@propertytax.com
Text:
(001) 312-346-3000
Chicago & Cook County taxpayers should go to PropertyTax.net
|
|
