“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.

Gov. JB Pritzker and Democrats who control the state legislature have mostly shied away from renewing their graduated income tax push — all while managing to balance the books under the existing tax structure, largely thanks to a strong economy and federal aid in the years after the pandemic.

Chicagoans will get a small break on their grocery bills but be forced to pony up to cover a host of tax and fee hikes that a deeply divided Chicago City Council approved to fill a massive budget shortfall over the objections of Mayor Brandon Johnson.

Nearly 300 new Illinois laws will take effect on Jan. 1, 2026.

Over the objections of the mayor, the Chicago City Council agreed to meet Monday, Tuesday, Wednesday, Thursday and Dec. 23 in an attempt to hammer out a deal over the $16.6 billion spending plan.

Even as City Council members returned to City Hall on Tuesday after the Thanksgiving holiday, there is no clear path to a deal with just 28 days left before the deadline to avoid an unprecedented shutdown of city government.

The Cook County Board of Review, the office tasked with settling appeals, announced that everyone who lives in a Cook County township that’s already closed its 2025 property tax appeal window will have another shot to file.

Some homeowners are searching for answers as they grapple with hefty property tax bills. A new report from the Cook County Treasurer’s Office said declining values for downtown commercial properties are shifting the tax burden onto homeowners.