Cook County Treasurer Maria Pappas called the legislation “the most significant property tax reform legislation the General Assembly has approved in decades.”
Taxes
Bill Designed to Revamp Property Tax Sale System That Fueled ‘Urban Decay’ Headed to Governor’s Desk
The tax was supposed to discourage the use of plastic bags. Instead, it’s turned into a cash cow for the city. Activists say it’s time to rethink the policy.
The projections detailed by outgoing Mayor Lori Lightfoot represent a significantly rosier financial picture for Chicago than the forecast released in August, when city officials projected a likely budget gap of $473.8 million in 2024.
Sixteen new models and some of their variations are eligible for all or half of the new credit, while nine models — mostly foreign-made vehicles — are no longer eligible, for now. Most of the eligible cars so far are made by the “big three” EV automakers in the US — Ford, General Motors and Stellantis — plus Tesla.
Are you behind on filing your federal income taxes? Here is a rundown of everything you need to know before the April 18 deadline.
President Joe Biden wants to increase the Medicare tax rate from 3.8% to 5% on income exceeding $400,000 per year, including salaries and capital gains. The White House did not provide specific cost-saving estimates with the proposal
The first installment of property owners’ 2022 tax bills will be due approximately a month later than usual because of delays last year, officials said.
If homeowners are delinquent more than a year on making property tax payments, they’re at risk of owing large interest payments to private investors who buy up that debt. “It’s the poorest people paying the richest people,” Cook County Treasurer Maria Pappas said.
Teresa Fraga of the Pilsen Neighbors Community Council has been a homeowner in Pilsen for the last 43 years. She said she was expecting a $2,500 bill in December but instead received one for $14,279.
Illinois is among 21 states that issued relief checks to residents last year. The IRS provided 11th hour guidance Friday, announcing those checks aren’t subject to federal taxes.
Chicago mayoral candidate Paul Vallas properly claimed a home in south suburban Palos Heights as his legal permanent residence, entitling him to tax breaks, according to the results of a brief probe by the Cook County Assessor’s Office.
A new report from the Cook County Treasurer's Office said property tax collection rates are historically low in low-income and mostly minority south suburbs.
Vallas, who has been registered to vote in Chicago at an apartment in Bridgeport for less than a year, declined to answer questions about his residency directly from WTTW News.
Some longtime Latino residents in the Logan Square community say they don’t know how long they will be able to keep paying property tax hikes, maintain a home and survive.
Demolishing the record set in each of the past two years, $1.22 billion poured into the city’s 129 TIF funds in 2021, according to a report from the office of the Cook County Clerk.
With less than two months until Election Day, Mayor Lori Lightfoot touts the $16.4 billion spending plan she crafted as a “stability budget” for a city enjoying a faster than expected recovery from the COVID-19 pandemic. Here’s what it does.
