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Tax News

Tax News2019-08-30T14:42:31+00:00

WPTA Webinar

June 7th, 2021|Categories: Educational|

Join the Women’s Property Tax Association for the Do’s and Don’ts of Practice Before the Property Tax Appeal Board Revisited June 18, 2021Noon   To register, click here. The Women’s Property Tax Association is pleased to announce that Deputy Chief Administrative Law Judge Katherine Patti and Administrative Law Judge Jennifer Vesely have agreed to revisit the first topic ever presented [...]

Property Tax Refunds

June 1st, 2021|Categories: Illinois|

The Illinois General Assembly has passed Senate Bill.  SB 508 creates a new Section 18-233 in the Property Tax Code amending the Property Tax Extension Limitation Law (PTELL) to allow taxing districts to increase their extensions in an amount equal to the refunds from assessment reductions granted in the prior 12-month period. The bill now goes to the governor for [...]

State Cuts to Local Government

May 24th, 2021|Categories: Illinois|

State cuts to Local Government Distributive Fund are property tax increases in disguise Rockford Register Star All working individuals in Illinois pay state income tax. A portion of our state income tax is then distributed to local governments — our city and county. The portion each city and county receives is based on population. So we as taxpayers pay income [...]

“Illinois has too many governmental units – too many to count – all needing property tax revenue”

May 17th, 2021|Categories: Illinois|

A recent comprehensive analysis found the real number of government units in Illinois is 30% higher than the U.S. Census Bureau’s count. Too many government units mean too many taxes. Illinois has more local units of government than any other state in the country – so many that four separate tallies of them give four different numbers. The U.S. Census [...]

Never spend the money until you have it in hand!

May 14th, 2021|Categories: City of Chicago|

Federal guidelines may prevent Lightfoot from using relief money to pay down city debt Interim rules list several things the federal aid can’t be used for — a list that includes “funding debt services.” That could derail a plan to use just over half of the $1.9 billion Chicago will receive to retire $465 million in scoop-and-toss borrowing and cancel [...]

Chicago on the road to financial solvency, Lightfoot assures investors

May 12th, 2021|Categories: City of Chicago|

The mayor also noted that more than half of the $1.9 billion in federal aid will be used to retire $965 million in scoop-and-toss borrowing — though she faces resistance from City Council members who call it a Wall Street bailout. By Fran Spielman The Chicago skyline, viewed from the inbound Eisenhower Expressway.Ashlee Rezin Garcia/Sun-Times Mayor Lori Lightfoot tried Thursday [...]

Oracle going to Tennessee, will create 8,500 jobs

May 10th, 2021|Categories: Development Projects, National|

Tennessee officials will reportedly supply the private company Oracle with more than $100 million in incentives. This according to The Nashville Business Journal, which reported the news Friday. “Oracle will benefit from more than $100 million of state-level incentives and related spending for its record setting tech campus on the Cumberland River’s East Bank waterfront,” the publication reported. “Bob Rolfe, [...]

Cook County’s Way of Reviving Tax Delinquent Properties Isn’t Working, Study Finds

May 3rd, 2021|Categories: Cook County|

By Odette Yousef  A South Shore house acquired by the Cook County Land Bank in a scavenger sale was on the market for $255,000 in 2018. Becky Vevea / WBEZ A new report finds that Cook County’s process to return delinquent properties to the tax rolls is largely failing to do so and suggests a bottom-to-top overhaul of the system [...]

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