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.
The mayor’s Chicago budget plan includes a $76.5 million property tax hike despite $3.5 billion in federal aid and funds permanent programs with temporary revenues but includes no push to fix pensions.
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.
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.
Out of 150 cities, Chicago came in almost at the bottom when the quality of city services and the total budget per capita were ranked, confirming what most Chicagoans already knew.
A former Chicago Public Schools principal convinced her employees to falsely charge for overtime and give her the money, claiming it would go for school expenses. Charges state she instead paid her mortgage.
A new report from government finance watchdog Truth in Accounting gave the Windy City an “F” for financial health. Chicago’s massive $36 billion net debt stems primarily from pensions.
Illinois’ tax code stands in the way of the state’s economic competitiveness. The combination of high tax burdens and a poor tax structure contributes to the loss of jobs and investment to other states. From a place of former economic dominance, Illinois now ranks 45th in gross state product (GSP) growth over the past decade...