When taxes hit home(s)

By Austin Berg

09/20/2018

Making Illinois a more attractive state in which to plant roots is entirely within lawmakers’ control.

TAGS: homeownership, income tax, progressive income tax, property taxes, taxes

Report: TIFs fall short of economic development promises

By Joe Barnas

09/19/2018

A new report analyzes the effects of “tax increment financing” on communities across the nation – and calls into question the merits of the widely used development tool.

TAGS: Chicago, John F. Curran, property taxes, Rahm Emanuel, taxes, TIF: Tax Increment Financing, William Davis

Chicago-based MillerCoors shedding 350 jobs, despite $5.7M TIF subsidy

By Vincent Caruso

09/06/2018

MillerCoors opened its Chicago headquarters in 2010. Eight years and nearly $6 million in subsidies later, the beer giant has been hammered by a heavy round of layoffs.

TAGS: Chicago, jobs, property taxes, taxes, TIF: Tax Increment Financing, unemployment

Schaumburg Park District pensions costing taxpayers millions

By Vincent Caruso

09/04/2018

One former Schaumburg Park District employee alone has accumulated more than $1 million in pension benefits after retiring at age 55.

TAGS: 401(k), municipal pensions, pension guarantee, pensions, property taxes, schaumburg, taxes

Rauner vetoes Lake County assessor bill

By Mindy Ruckman, Austin Berg

08/31/2018

Gov. Bruce Rauner vetoed a measure that would let Lake County voters elect an assessor, suggesting that it apply to all counties instead.

TAGS: Bruce Rauner, Lake County, local government consolidation, municipal pensions, pensions, property taxes, taxes

Niles school district employee receives extra $66K in payroll error, only required to pay back half

By Joe Barnas

08/31/2018

Due to a payroll error, a part-time school library worker was overpaid $66,000 over five years, but will only be required to pay back half that amount under a settlement agreement between the school district, the employee and her union.

TAGS: Niles Township High School District 219, property taxes, school district consolidation

Crowding out: Pension pressure leads to layoffs in Peoria

By Adam Schuster

08/29/2018

The city of Peoria, Illinois sent layoff notices to 27 employees in an effort to fill a budget hole caused by growing pension costs.

TAGS: municipal pensions, pensions, peoria, property taxes, taxes

IRS moves to block Illinois lawmakers’ tax credit workaround scheme

By Adam Schuster

08/27/2018

New IRS rules make clear that lowering the actual tax burden, not complicated workarounds, is the correct way to respond to tighter federal restrictions on SALT deductions.

TAGS: income, property taxes, SALT, taxes

Cook County assessor candidate calls for ban on aldermen serving as property tax attorneys

By Vincent Caruso

08/24/2018

The Democratic nominee in the Cook County assessor’s race is voicing support for a ban on city aldermen doubling as property tax appeals attorneys, an arrangement that encourages conflicts of interest.

TAGS: Ed Burke, Fritz Kaegi, Joseph Berrios, Madigan & Getzendanner, Mike Madigan, Patrick Daley Thompson, Patrick O'Connor, property taxes, Toni Preckwinkle

Pension reform for Illinois is essential, not impossible

By Adam Schuster

08/24/2018

Pension reform is a moral imperative. The alternative is a future in which core services are cut, taxes are raised, and pensioners risk losing what they’ve already been promised as the funds go insolvent.

TAGS: GARS: General Assembly Retirement System, Illinois Constitution, municipal pensions, pensions, property taxes, TRS: Teachers’ Retirement System