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Tax News

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

Mayor Garcetti Supports Split-Roll

November 8th, 2019|Categories: National|

California initiative to raise property tax on businesses gains support from L.A. mayor BY SOPHIA BOLLAG A measure headed for California’s 2020 ballot would raise property taxes on large business properties. It would tax commercial property based on current value, rather than value at purchase. It would exempt small businesses and residential property. Los Angeles Mayor Eric Garcetti on Wednesday [...]

Chicago property tax relief approved for spouses of fallen emergency workers. 

November 4th, 2019|Categories: Cook County|

Exemptions can be applied beginning in 2019 By Sara Freund Oct 17, 2019, 3:43pm CDT Many residents in Chicago are waiting to hear if Lightfoot will increase property taxes to close the budget deficit, but a new ordinance will provide a bit of relief to emergency workers’ families in the event of a tragedy. The city approved property tax abatements [...]

Chicago’s tax rates on homes undercut the suburbs, report says

October 22nd, 2019|Categories: Cook County|

Lower effective rates apply in areas with a richer tax base, Civic Federation report shows. By David Roeder@RoederDavid Oct 21, 2019, 10:00am CDT Effective property tax rates for homes in Chicago continue to be among the lowest for communities in northeast Illinois, the Civic Federation reports.Victor Hilitski/For the Sun-Times Effective property tax rates for homes in Chicago, calculated as a [...]

Township Government

October 9th, 2019|Categories: Illinois|

Considerations To Dissolve Local Townships Underway Effingham, IL / Effingham Radio WCRA October 08, 2019 09:00 pm   Illinois -(Effingham Radio)- Illinois’ property tax task force will share its recommendations to reduce Illinois’ sky-high property taxes in less than a month. Cutting Illinois’ nation-leading number of government units should be in its crosshairs. Consider: If Illinois did away with townships, a [...]

Illinois ranked as the least tax-friendly state in America

October 2nd, 2019|Categories: Illinois|

Illinois is the least tax-friendly state in America Published: Oct 2, 2019 6:02 a.m. iStock Illinois is the least-friendly tax state in the nation, according to a new analysis by Kiplinger's Kiplinger’s This week, personal finance site Kiplinger’s released its list of the most — and least — tax-friendly states in America. To determine this, it used a hypothetical couple [...]

List of municipalities that doesn’t levy a property tax may soon be one fewer

September 17th, 2019|Categories: Illinois|

Pension costs force suburban Illinois village to weigh new property tax Rising pension costs could force suburban Carol Stream to impose a property tax for the first time in five decades. The suburban village of Carol Stream is one of only a handful of Illinois communities that does not impose a local property tax. But that may change soon, thanks [...]

Cook County commission exploring property tax hike despite depressed home values

September 10th, 2019|Categories: Cook County|

Bryce Hill Average home prices in Cook County are 31% lower today than in 2007. Meanwhile, property tax bills have increased by 22%. Cook County’s chief financial officer is floating the possibility of future property tax hikes, according to WBEZ. And a spokesman for Cook County Board President Toni Preckwinkle said she expects an independent commission “to review this matter [...]

U.S. Real Estate Peaked?

September 3rd, 2019|Categories: National|

Overseas Investors Unload U.S. Real Estate In the second quarter, foreign investors pulled more money out of the U.S. commercial real-estate market than they put in In the second quarter, Ivanhoé Cambridge sold its stake in Ritz Plaza, a 479-unit rental apartment building in Midtown Manhattan. PHOTO: BESS ADLER FOR THE WALL STREET JOURNAL By Esther Fung Sept. 3, 2019 [...]

New Platform

September 3rd, 2019|Categories: National| has been moved to a new platform. This version has a geo-location feature that allows some readers to view information that is relevant to their jurisdiction, if applicable.

State of the City Address

August 30th, 2019|Categories: Cook County|

CHICAGO (CBS) — Facing a budget deficit of up to $1 billion, Mayor Lori Lightfoot is set to begin outlining her plan to dig out of the massive hole at her “state of the city” address Thursday night. Experts said Lightfoot will have no choice but to use a mix of spending cuts and new taxes and fees, possibly even [...]