Chicago average property taxes up $72 to $180, driven by pension debt

By Dylan Sharkey

09/21/2021

Chicago homeowners are likely to see average property tax bills rise between $72 and $180 based on the city’s new budget. Higher taxes are driven by $47 billion in pension debt, but pension reform can change that.

TAGS: budget, Chicago, Lori Lightfoot, property taxes

Illinois misses deadline to repay $4.2 billion federal unemployment insurance loan

By Adam Schuster, Patrick Andriesen, Perry Zhao

09/17/2021

Illinois missed the September deadline to repay a $4.2 billion federal unemployment loan. Employers warn inaction by state lawmakers could ‘cripple’ businesses and the COVID-19 economic recovery.

TAGS: COVID-19, federal government, Illinois, loan, unemployment

The problem with property taxes in the Chicago suburbs

By Hilary Gowins

09/08/2021

Property taxes keep going up, but services aren’t improving. Paying more and getting less is a trend that residents want to see reversed.

TAGS: Lake County, pensions, property taxes

Chicago ranks No. 2 in the nation for combined state and local sales tax

By Patrick Andriesen

08/31/2021

The Windy City tied with four other major cities as imposing the nation’s second highest sales tax on residents among 124 considered. The report warns the city’s new status could be costing Chicago businesses their competitive edge.

TAGS: Chicago, taxes

Comptroller Mendoza’s plan aims to rebuild Illinois’ rainy-day fund

By Adam Schuster, Perry Zhao

08/27/2021

Automatic transfers into Illinois’ rainy-day reserves could help when another fiscal crisis similar to COVID-19 happens.

TAGS: rainy day fund

Pritzker’s record: 24 tax, fee hikes taking $5.24 billion more from Illinoisans

By Adam Schuster, Patrick Andriesen

08/25/2021

Gov. J.B. Pritzker has added more than $5.24 billion in new or higher taxes and fees since taking office. Despite all that new revenue, the nation’s highest taxed state remains a fiscal mess unable to balance a budget for 21 years.

TAGS: JB Pritzker, tax hikes

Higher revenue leads to tax cuts in 11 states, but not Illinois

By Perry Zhao

08/25/2021

State revenue losses around the country have ranged from far less than expected to non-existent. Fiscally healthy states are giving back to taxpayers. That doesn’t include Illinois.

TAGS: COVID-19, Illinois, taxes

Pritzker wants local governments to use COVID-19 money for property tax relief

By Noah Shaar

08/20/2021

With billions in federal COVID-19 relief earmarked for Illinois schools and local government, Gov. J.B. Pritzker pushed them to use the money to lower or freeze property taxes. He made no mention of the state’s role in pushing property taxes to the second-highest in the U.S.

TAGS: COVID-19, JB Pritzker, property taxes

Illinois delays selling beleaguered Thompson Center in Chicago

By Noah Shaar

08/18/2021

Illinois is again delaying the sale of the Thompson Center state office building in Chicago, which was neglected until the state could no longer afford to fix it. The state’s new delay is to take advantage of zoning changes and in the hope office space prices rebound.

TAGS: Chicago, Thompson Center

Chicago’s debt grows to $43,700 per taxpayer despite federal COVID-19 aid

By Perry Zhao

08/10/2021

Fiscal watchdog Truth in Accounting’s July 2021 report showed the Windy City’s pension-fueled debt rose by $2.3 billion from 2019 to 2020 despite receiving substantial federal aid during the pandemic.

TAGS: Chicago, COVID-19, debt