Second installment property tax bills are typically released in early July and due in early August, but those bills have been repeatedly delayed by an overhaul of the county’s property tax system plagued with problems.

The $56 billion spending plan awaiting Gov. JB Pritzker’s signature explicitly prohibits the City Council from imposing a version of the tax that would send new revenue into the city’s cash-strapped coffers.

The budget totals $55.9 billion, supported by a similar amount of revenue. The spending plan included an $830 million supplemental current-year spending plan, meaning the upcoming fiscal year 2027 budget is essentially flat.

Illinois could soon reform the state’s regulations on delinquent property tax sales after the House approved a bill 80-35 along party lines Saturday evening that lets homeowners keep their equity.

Some Americans are using taxes to protest the Trump administration — more specifically, the refusal to pay taxes.

A new study from the Illinois Economic Policy Institute explores how a 3% surtax on Illinois residents earning $1 million or more per year could impact the state.

Taxing agencies — including schools, parks, libraries and cities — sent property tax bills totaling $19.2 billion in 2024, up more than 180% from the $6.8 billion taxing districts required property owners to pay in 1995, according to the report.

“This is a project that is going to create thousands of jobs and opportunities for the people across the city, but particularly for development on the West Side,” Mayor Brandon Johnson said. “This is a clear indication that the city of Chicago remains open for business, but we’re just not for sale.”

With the backing of hotel owners and the Illinois Hotel & Lodging Association, the city’s tax on hotel rooms downtown, near McCormick Place, the Illinois Medical District and Hyde Park will rise from 17.5% to 19%, the highest in the nation.

Two incumbents of a Cook County agency responsible for making decisions about taxpayers’ property assessment appeals faced challengers in their reelection bids this year.

Cook County Assessor Fritz Kaegi has conceded defeat to Pat Hynes, a one-time employee of the two-term incumbent’s office.

These accounts allow people with disabilities to save and invest money without risking their federal benefits. People with more than $2,000 in assets are not eligible for Supplemental Security Income.

JB Pritzker’s budget proposal calls for reducing the amount of revenue from income taxes that goes to local governments, therefore keeping funding for the Local Government Distributive Fund flat in fiscal year 2027.

The measure is the latest in a series of delays because Illinois is the last to change state law in accordance with a 2023 U.S. Supreme Court ruling.

First installment property tax bills are typically released in February and due in early March, but will be delayed by one month by an overhaul of the county’s property tax system plagued with problems.

For the first time in five years, certain forms of student loan forgiveness will be taxable following a change in federal tax policy this year.