Press Archive - 2006

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December 19, 2006
Chicago, IL Cook County Board President Todd Stroger has called for an across-the-board 17% cut in all Cook County operating budgets.

December 4, 2006
Chicago, IL James M. Houlihan was sworn in today for another 4-year term as Cook County Assessor. Both Joseph Berrios and Brendan F. Houlihan were sworn in today for a 2 year and a 4 year term respectedly, on the Cook County Board of Review.

November 29, 2006
Springfield, IL A bill to extend the 7% Tax Cap has failed to be passed by the House. It is expected to be reintroduced in January 2007.

November 27, 2006
Chicago, IL The Civic Federation is urging the General Assembly to renew the 7% Tax Cap. Otherwise, numerous residential properties in Chicago will experience 35% plus increases on their 2006 tax bills.

November 9, 2006
Springfield, IL The Democratic Party now enjoys a veto-proof majority in the state senate as a result of the recent general election.

November 8, 2006
Chicago, IL Brendan Houlihan (D) has defeated Maureen Murphy (R) in the race for Cook County Board of Review, 1st District. We congratulate Mr. Houlihan.

October 23, 2006
Chicago, IL John P. Fitzgerald, Ltd. has started the conversion of its files to a digital format. The project will be completed in February 2007.

October 11, 2006
Chicago, IL Mayor Daley is proposing a $5.4 billion city budget for 2007. The proposal does not call for a tax increase.

October 11, 2006
Chicago, IL With just 30 days before the election, Governor Blagojevich's chief fundraiser, Antoin "Tony" Rezko, has been indicted by the US Justice Department on corruption charges.

October 6, 2006
Chicago, IL The Chicago Reader has published an article about possible reforms for TIF's.
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October 2, 2006
Springfield, IL Ronald A. Messina has been named Executive Director of the Illinois Property Tax Appeals Board.

September 28, 2006
Chicago, IL Cook County President Bobbie Steele has been drafting a new budget for the fiscal year 2007. Highlights include cuts designed to close a $400 million deficit. She plans to present the budget to her successor on December 1.

September 11, 2006
Chicago, IL As it was expected, Mayor Daley has vetoed the "Big Box" ordinance. He reasoned that the presence of "Big Box" stores can only accelerate the economic rejuvenation of Chicago.

August 31, 2006
Chicago, IL Clerk of the Circuit Court of Cook County Dorothy Brown has announced her candidacy for the office of Mayor of Chicago. The primary election will be held in February 2007.

August 14, 2006
Chicago, IL The Civic Federation has published a study which shows during the past year, commercial real estate values in the Metro Chicago Area have appreciated at a faster rate than the property tax burden. The study also found that the "effective tax rate" for business property located in the City of Chicago is "attractive" and creates a positive business environment.

August 2, 2006
Chicago, IL Mayor Daley has come out against the "Big Box" ordinance which requires the payment of a living wage to employees of large retailers. He reasoned that the resulting loss in sales tax revenue will only put additional demands on the property tax system.

August 1, 2006
Chicago, IL Bobbie Steele has been sworn in as Interim President of the Cook County Board. In her inaugural address, she announced that Cook County has a $300 million budget deficit and that she is considering a tax increase.

July 31, 2006
Chicago, IL The 2005 2d Installment Property Tax bills have been mailed. They are due September 1, 2006.

July 19, 2006
Chicago, IL The Cook County Democratic Party has selected Chicago Alderman Todd Stroger to succeed his father as their nominee for the November 2006 election. Meanwhile Commissioner Bobbie Steele has been selected to fill the vacancy created by the resignation of Board President John Stroger.

July 14, 2006
Chicago, IL State Representative Kevin Joyce (D-Chicago) is calling for changes to the way single family residences are assessed. He contends that the assessment should be locked in to reflect the actual purchase price. Such a system was implemented in California years ago and resulted in substantial tax savings and less government spending.

July 12, 2006
Chicago, IL The Cook County Board is considering a proposal to consolidate the offices of Assessor, Clerk and Treasurer. It is expected that such a move would result in a substantial cost savings.

July 10, 2006
Chicago, IL For the first time in decades, the 2005 tax rate for large portions of the City of Chicago is below 6%. This decrease is due to the massive increases in the tax base during recent years. Unfortunately, the tax savings are being offset by the historically highest state multiplier.

June 30, 2006
Chicago, IL Cook County Board President has resigned, effective immediately, setting the stage for an interesting squabble as to who his successor will be. State law requires that the presidency can only be assumed by a current member of the County Board. Also at issue is who will succeed him as the Democratic nominee on the November ballot.

June 30, 2006
Chicago, IL The U.S. Justice Department has confirmed that the administration of Illinois governor Rod Blagojevich is under investigation for "employment fraud."

June 19, 2006
Chicago, IL Crains Chicago Business is reporting that State Attorney General Lisa Madigan has issued subpoenas to 52 not-for-profit hospitals as part of an investigation as to whether the hospitals spend enough on charity care to justify property tax exempt status.

June 15, 2006
Chicago, IL Chicago City Hall is proposing the construction or rehabilitation of 26 schools at a cost of $1,000,000,000. This project will be funded in part by the Board of Education and in part by the City of Chicago. That Chicago is picking up part of the tab is a very unusual source of financing and may signify that excess tax revenues are being collected.

June 5, 2006
Chicago, IL In an interview on WBBM's "AT ISSUE" radio program, GOP candidate for the President of the Cook County Board, Tony Peraica, has called for property taxes levied against business property to be cut. Such a tax cut would mean that homeowners would be forced to pay higher property taxes.

June 1, 2006
Chicago, IL Rumor-mill indicates that former Cook County Assessor James M. Houlihan is emerging as the front runner to succeed John Stroger as the Democratic nominee for the office of President of the Cook County Board. Assessor Houlihan is one of the few leaders that will be acceptable by all factions of the Democratic Party and one of the few that could win in November.

June 1, 2006
Chicago, IL In an attempt to plug a $328 million deficit, The Chicago Board of Education has voted to increase increase its tax levy by $55 million, the maximum increase permitted under law.

May 16, 2006
Chicago, IL Crains Chicago Business is reporting that the trend of record-breaking sales prices for downtown Chicago office buildings is continuing and offers the following examples:
One S. Dearborn $415 PSF (2006)
111 S. Wacker $401 PSF (2005)
123 N. Wacker $320 PSF (2005)
One N. Wacker $307 PSF (2002)
191 N. Wacker $302 PSF (2004)

May 16, 2006
Washington DC In a case contesting the constitutionality of tax incentives, the US Supreme Court has held that tax incentives to DaimierChrlsler AG from the State of Ohio "do not create the kind of concrete injury that can be redressed in court" and found the tax breaks to arise from "policy committed to the broad and legitimate discretion of lawmakers". The Court did not address the broader issue of whether the tax breaks violate the Commerce Clause and instead found that the plaintiffs did not possess the requisite standing.

May 11, 2006
Chicago, IL The City of Chicago has announced plans to study the feasibility of creating a TIF district in downtown Chicago. Revenues generated by the TIF would be used for infrastructure improvements and grants to the owners of older office buildings that need to be upgraded.

May 3, 2006
Chicago, IL Cook County has announced that its Health Services unit faces a $94 million budget shortfall.

May 3, 2006
Springfield, IL The Illinois House of Representatives has passed and sent to the Senate legislation that would exempt certain leaseholds located at Chicago Midway Airport and the Chicago Park District from property taxation.

May 2, 2006
Springfield, IL The Illinois House of Representatives has passed and sent to the Senate a $56 billion budget for 2006-07. One of the bills not passed was legislation designed to make "The 7% Cap" permanent.

April 27, 2006
Chicago, IL The Cook County Treasurer has sent notices to all delinquent 2004 taxpayers. They have also announced that the 2004 annual tax sale will begin on June 7, 2006.

April 5, 2006
Chicago, IL The City of Chicago has filed 40 underassessment complaints with the Cook County Board of Review.

April 3, 2006
Chicago, IL Crains Chicago Business is reporting that Cook County is setting up a $200 million line of credit in order to avert a cash shortfall. The loan will be repaid after the issuance of 2005 tax bills.

March 9, 2006
Chicago, IL In a joint news conference, Chicago Mayor Daley and Cook County Assessor Houlihan voiced their support for legislation to make the "7% Cap" permanent.

February 27, 2006
Chicago, IL In a Chicago Tribune Editorial, a spokesperson for the Cook County Assessor referred to his offices' assessment process as a "Mystical Maze". The article touted accomplishments aimed at bringing tax relief to various groups, (homeowners, renters and building owners) while he seeks to bring about tax reform.

February 27, 2006
Chicago, IL The Civic Federation is reporting that City of Chicago Government and Cook County Government have $14.4 billion in under-funded pension liabilities.

February 21, 2006
Chicago, IL The Chicago City Council has voted to give Target Corporation $4.6 million in TIF funds for the construction of store at 2136 W. Peterson Ave. This grant is in addition to $5.3 million for a store at 33d and S. Damen and $26.4 million for a shopping mall which will include a Target, in Uptown.

February 16, 2006
Springfield, IL Governor Blogojevich is calling for mandatory pre-school statewide. He was vague when asked about sources of funding.

February 15, 2005
Chicago, IL The Cook County Board has approved Assessor Houlihan's proposal to reduce the assessment rate on Class 3 properties (multi-family apartment buildings containing 7 or more units) from 26% to 20%.

February 8, 2006
Washington D.C. The U.S. Census Bureau has released a study which finds that the state taxes increased 41% during the period 1994 through 2004.

February 4, 2006
Chicago, IL The Finance Committee of the Cook County Board has approved an ordinance that will change the assessment rate of multi-family apartment buildings to 20% from 26%. The ordinance was advocated by Assessor Houlihan and the Building Owners Association.

January 24, 2006
Chicago, IL Cook County has mailed the 1st Installment of the 2005 tax bills. They are due March 1, 2006.

January 17, 2006
Chicago, IL Cook County Assessor James M. Houlihan is proposing another change to the Cook County Assessment Ordinance. He is requesting that all Class 3 residential apartment buildings be assessed at 20% of fair Market value instead of 26%.

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