While phasing in the tax impact of sharp increases in assessed value could help Cook County’s commercial property owners adjust, holding down property taxes requires reducing spending through public pension reform in Illinois.
Chicago Mayor Lori Lightfoot has proposed zoning changes that would keep marijuana dispensaries out of most of the downtown business district after recreational use becomes legal on Jan. 1 in Illinois.
Local governments create TIF districts to encourage development in “blighted” areas; but TIFs often don’t deliver on promised economic benefits, while they do divert tax dollars from other uses and create opaque slush funds for the mayor to reward insider developers.
Creating a tax increment financing district around the Lathrop Homes redevelopment will ensure that 100 percent of property-tax revenue generated on the site will go to a city-run slush fund.
A Chicago City Council committee will consider a new set of restrictions on pedicabs at a hearing this week. Many specifics of the proposal, introduced by 44th Ward Alderman Tom Tunney, are unexceptional, but two provisions stand out as unnecessarily harmful to the pedicab market and consumer choice. For one, the ordinance arbitrarily caps the...
Illinois Policy Institute Senior Fellow Leonard Gilroy was interviewed by the Associated Press about Mayor Emmanuel's $7 billion public-private partnership plan for Chicago.