Committee on Finance Chicago City Council Meeting September 21, 2022
RESOLUTION
WHEREAS, the property tax payers ofthe City of Chicago are owed the truth about tax reporting, assessments and municipal levies; and,
WHEREAS, the 2021 2nd Installment Cook County Property Tax Bills have not been mailed and will not be mailed until at least November 2022 or December 2022, creating economic uncertainty for local taxpayers; and,
WHEREAS, in 2021, properties within the City of Chicago were assessed by the Cook County Assessor's Office for tax purposes; and,
WHEREAS, in 2021, changes in assessed values varied by neighborhood and type of property, resulting in some properties with potential 2021 Tax Year property tax decreases and others with potential 2021 Tax Year property tax increases; and,
WHEREAS, thousands of Chicago businesses and manufacturers received significant assessed valuation increases in excess of 100% that will negatively impact local neighborhoods and jobs; and,
WHEREAS, the 2021 Tentative Multiplier decreased from the 2020 Final Multiplier from 3.2234 to 2.7297, foreshadowing uncertainty as to the final equalized assessed value or taxable value of Chicago; and,
WHEREAS, all the taxing districts with taxing jurisdiction within the boundaries of Chicago were not included in the 2022 Budget Overview. Specifically, in the 2022 Budget Overview, tax revenues from Special Service Areas (SSA) and Tax Increment Finance (TIF) Districts were not included in the $6.19 billion; and,
WHEREAS, in its 2022 Tax Levy proposal, the City of Chicago views new property growth and Tax Increment Finance expirations as an opportunity to increase the property tax levy. According to the Illinois Department of Revenue, new property growth and Tax Increment Finance expirations are to be used to calculate the limiting rate used in the Property Tax Extension Limitation Law (Tax Caps). Based on the limiting rate, districts than may decide whether to increase property taxes furt...
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