Under Illinois law, towns that miss required pension contributions risk state intervention. In 2016, Round Lake Park paid less than 40 percent of its required pension contribution.
University of Chicago researchers have found inaccurate and unfair assessments by the Cook County Assessor’s Office led to $800 million of the property tax burden shifting from owners of Chicago homes in the top 10 percent (by sale price) to owners of homes in the bottom 70 percent.
A new study confirms Cook County's broken property tax assessment system causes owners of lower-value homes to bear a disproportionate share of the tax burden.
Even after a 32 percent income tax hike, the Illinois General Assembly passed a state budget in 2017 that will generate an estimated $1.5 billion deficit in fiscal year 2018. That deficit is projected to grow to $2.15 billion in fiscal year 2019, according to the Governor’s Office of Management and Budget, or GOMB. The...
The Education Freedom Tax Credit, also known as the Federal Scholarship Tax Credit, will give Illinois students access to donor money if the state opts into the program.