Due to its poor financial health and lagging economy, Illinois carries unique economic and fiscal risks from a prolonged market downturn or recession. The state must act now to mitigate harm from COVID-19.View Report
Illinois’ uneven recovery reflects national trends, but also raises important questions about the state’s economic future ahead of a key tax hike vote.
Faced with the impossible task of balancing Chicago’s budget without pension reform, Mayor Lori Lightfoot is forced to partially rely on phantom cuts and revenues.
Chicago’s mayor wants permission from Springfield to impose a new tax on high-end professional services and raise taxes on pricier home sales, as the city faces down a $1 billion deficit.
Starting this July, Illinoisans will pay higher taxes on gasoline, cigarettes, video gaming and more.
The Gem City joins a growing list of Illinois municipalities raising property taxes to pay for pensions.
As pension costs explode for Winnetka and the rest of Illinois, owners of the “Home Alone” house featured in the 1990 film are feeling the effects.
Less than 50 cents of every additional property tax dollar over the last 20 years went to pay for services that raise home values. Instead, the primary driver of the rise in property taxes was pension costs.
A new study shows 13 percent of Chicago-area homeowners with mortgages owed at least 25 percent more than their homes were worth.
Statewide use of slush funds ensures it’s Christmas every day for political leaders and their chosen developers.
Illinois homeowners’ property taxes are among the highest in the nation. They are consuming more and more of Illinoisans’ incomes.