Illinois

Cook County property tax hike hits businesses, black and Latin homeowners

Treasury Secretary Cook County Announces Property Tax Review

Cook County, Illinois — When a landowner in Cook County is preparing to receive a property tax invoice WGN investigates Let’s see who is the hardest hit.

When Cook County Treasury Secretary Maria Pappas was preparing to send more than 1.7 million tax invoices, her team was ambitious about the amount that owners of all parcels of land would have to pay. Review was also completed. Among the main findings:

  • Total property tax claims for commercial owners increased 6.2% year-on-year, compared to a 1.3% increase for homeowners.
  • The majority of black and Latino communities are the most affected. Their community constitutes 6 of the 10 regions with the largest tax increases for homeowners.

“This is a non-functional system,” says Pappas.

Her office released a 127-page analysis on Tuesday. (((View PDF here) She had an exclusive interview with WGN Investigates prior to the release.

According to the report, the total property tax charged in Cook County increased by 3.4% year-on-year to $ 16.1 billion in 2020. In addition, total taxes have doubled in the last two decades, from $ 8.2 billion in 2001.

“It has to change,” Papas said. “You can’t continue this way.”

Take a look at the village of Ford Heights, one of the poorest communities in Cook County. Total taxes surged 18% for residents and 42% for businesses, among the highest tax rates in the suburbs.

“This is a system with some problems,” Papas said. “And we need to fix it, that’s what we’re trying to do.”

The 2020 tax bill will be paid in 2021. The second installment bill will be posted online on August 12th and will be mailed to taxpayers this month.

Cook County property tax hike hits businesses, black and Latin homeowners

Source link Cook County property tax hike hits businesses, black and Latin homeowners

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