The State House Revenue Committee will hear the dispute on property taxes in our state.
The fight over property taxes in our state is going to the State House Revenue Committee.(Photo: Chicago Tribune)
Chicago Community Trust Discuss Changes To Property Tax
A coalition led by the Chicago Community Trust will meet with lawmakers, builders, and supporters of affordable housing on Thursday to discuss changes to the state’s property tax sale system.
By assisting neighborhood partners and builders in quickly purchasing and redeveloping derelict homes, they hope to stimulate investment in communities with more of them.
READ ALSO: Texas Senate Approves Property Tax Cut
Other Property Tax Payments
Property owners receive bills for their Chicago County property taxes every year and are stunned by unexpected hikes.
The process of determining how much you owe is difficult, and for years, the CBS 2 Investigators have been reporting on flaws in the system that the county’s new assessor seeks to correct.
Where does your property tax money go? is one of the most often asked topics, and Pam Zekman has the answers.
On a North Side home with a $10,000 property tax payment, 54% goes to school taxes, 30% to various city taxes, such as city government, public libraries, and mass transit initiatives, 7% to various Cook County government bodies, and 9% to other taxes, such as the Chicago Park District and the Metropolitan Water Reclamation District.
$2,766 of the $10,000 in tax receipts is used to cover various pension liabilities.
Depending on which local government entities are in charge of collecting property taxes where you live, each municipality has a different breakdown of where tax money is spent.
Every three years, the Cook County Assessor’s office revalues property rates in three areas: Chicago, the northern suburbs, and the southern suburbs.
Due to the reassessments made under the watch of Cook County Assessor Joseph Berrios last year, Chicago property owners are being struck harder than the rest of the county this year.
READ ALSO: Application For Property Tax Rebate Worth At Least $1000 Ends Today
