The value of commercial properties increased 56% from 2018 to 2021, compared with 10% for single-family homes and small apartment buildings, according to the data released by the Cook County assessor’s office. That could result in a consequential change in how Cook County’s property tax burden is carved up.
Taxes
May 16, 2022 |
Apr 29, 2022 |
A reprieve from having to pay a hefty tax bill sounds like a gift, but a monthslong delay in Cook County property tax bills could instead cause headaches for taxpayers, governments and elected officials alike.
Apr 8, 2022 |
Soaring inflation. The war in Ukraine. Yet another rise in COVID cases. With so much going on this year it’s hard to focus on things like filing your taxes. Nevertheless, the IRS still expects you to file your 2021 return and pay whatever you still owe by the filing deadline, which is April 18 for most taxpayers.
Feb 8, 2022 |
White House officials are hosting a virtual event Tuesday to encourage people to send their tax forms to the IRS, including those whose incomes are so low that they might not have traditionally filed.
Feb 7, 2022 |
The agency said it would no longer use a third-party service, called ID.me, for facial recognition. Critics of the software said the database could become a target for cyberthreats.
Jan 14, 2022 |
Democratic Sen. Joe Manchin of West Virginia, objected to extending the credit out of concern that the money would discourage people from working and that any additional federal spending would fuel inflation that has already climbed to a nearly 40-year high.
Nov 23, 2021 |
Cook County Assessor Fritz Kaegi has vowed to fix what has been a broken assessment system, but it’s meant some big increases for business owners who say they can’t afford it.
Nov 2, 2021 |
Illinois tax revenues plummeted when COVID-19 hit, but according to the Illinois Department of Revenue, they’re rising again.
Oct 27, 2021 |
The Chicago City Council approved Mayor Lori Lightfoot’s $16.7 billion budget on Wednesday with the backing of progressive members who celebrated the spending plan’s focus on affordable housing, mental health, violence prevention, youth job programs and help for unhoused Chicagoans.
Oct 21, 2021 |
Mayor Lori Lightfoot’s proposal to hike property taxes by $76.5 million cleared a key hurdle Thursday, with the City Council’s Finance Committee advancing the mayor’s $16.7 billion spending plan to the full City Council.
Oct 9, 2021 |
Wealthy Americans have long sought to use charitable contributions to reduce their tax burdens. But the “Pandora Papers” report revealed how world leaders, billionaires and others have stashed trillions of dollars out of the reach of governments by using shell companies and offshore accounts, which are considered legal.
Sep 30, 2021 |
The growing share of city property taxes sent to tax increment finance districts has fueled a perennial argument over whether the districts actually spur redevelopment and eradicate blight or serve to exacerbate growing inequality in Chicago.
Sep 20, 2021 |
Mayor Lori Lightfoot’s plan to close a projected $733 million budget gap in 2022 relies on $385 million in federal relief funds and nearly $299 million in savings and efficiencies, but the plan contains “no new tax or significant fee increases” for Chicago residents, she said.
Aug 9, 2021 |
There are four ways to appeal property tax assessments in Cook County. But is that a good thing? Former state Rep. Barbara Flynn Currie and Assessor Fritz Kaegi weigh in.
Jul 31, 2021 |
An Illinois tax agency has ruled that former President Donald Trump is due a $1 million refund on the 2011 tax bill for his downtown Chicago skyscraper, but local officials are trying to block the refund.
Jun 22, 2021 |
How much is nature worth? The Forest Preserve District of Cook County is about to find out. The district’s board of commissioners has thrown its support behind a proposal for a ballot referendum that would put a property tax increase for the preserves directly in the hands of voters.
