Join the WPTA for a Virtual Meet & Greet with Board of Review Commissioner Tammy Wendt
Commissioner Tammy Wendt became the second-ever woman to hold the office of Cook County Board of Review Commissioner when she was sworn in on December 7, 2020. The Women’s Property Tax Association is proud to present a unique opportunity for you to hear from Commissioner Wendt as she addresses the property tax industry. Commissioner Wendt will discuss her goals and policies, introduce her newly-appointed Chief of Staff and senior staff members, and answer your questions.Participation is open to all that are interested, but must register ahead of time by clicking HERE.Please send any questions that you have for Commissioner Wendt before noon on February 3, 2021 to firstname.lastname@example.org with “Commissioner Wendt Question” in the subject line.
The Cook County Treasurer is in the process of mailing the 2020 1st installment tax bills. Payment is due March 2, 2021 and can be made in person at any Chase Bank branch, via ACH or via WIRE.
This study is being posted just in time for the mailing of 2020 Cook County tax bills.
Illinois SB 1379 has been assigned to committee during the lame duck session.
Synopsis As Introduced
Amends the Property Tax Code. Provides that, in counties with 3,000,000 or more inhabitants, taxpayers of income producing property shall submit income and expense data related to the property annually to the chief county assessment officer. Provides that, in counties with fewer than 3,000,000 inhabitants, the county board may provide by resolution that taxpayers of income producing property shall submit income and expense data annually to the chief county assessment officer. Provides that, when determining the value of property for assessment purposes, the assessor may consider all relevant information pertaining to the fair cash value of the property, including, but not limited to, income and expense data, sales data, property characteristics data, construction cost data, appraisals, and other valuation information. Effective immediately.
Senate Committee Amendment No. 1
Replaces everything after the enacting clause. Reinserts the provisions of the introduced bill with the following changes: (1) provides that the term “income producing property” includes only non-owner-occupied real property; (2) defines “property”; (3) provides that failure to submit income and expense data shall result in a penalty of 0.5% (in the introduced bill, 2%) of the prior year’s assessed value; (4) provides that the taxpayer shall not be required to pay more than $100,000 in penalties per property; (5) removes provisions from the introduced bill providing that, if the taxpayer fails to submit income and expense data, the taxpayer shall not be permitted to appeal the assessment of that income producing property for the applicable taxable year; and (6) provides that the chief county assessment officer is not prohibited from disclosing compiled and anonymized income and expense data. Effective immediately.
Senate Floor Amendment No. 2
Deletes reference to:
35 ILCS 200/9-155
35 ILCS 200/9-160
Replaces everything after the enacting clause. Reinserts the provisions of Senate Amendment 1 with changes. Removes conforming changes concerning income and expense data, but retains the new Article concerning income-producing property. Provides that the term “income and expense data” include specific federal income tax returns (in Senate Amendment 1, federal income tax returns generally). Provides that “income-producing property” means property that is not exclusively owner-occupied (in Senate Amendment 1, non-owner-occupied). Removes a reference to gas stations. Defines “owner-occupied” and “taxpayer”. Provides that the chief county assessment officer shall notify taxpayers of their obligation to submit income and expense data. Makes changes concerning the submission of federal tax forms. Provides that the penalty for failure to submit income and expense data shall be 0.05% (instead of 0.5%) of the prior year’s market value. Adds provisions concerning administrative hearings. Makes other changes. Effective immediately.