On Friday Governor Pritzker signed into law Public Act 102-0519 (Senate Bill 508) creating Section 18-233 of the Property Tax Code, which implements an automatic levy increase to be applied by county tax extension officials...more
Yesterday the Illinois General Assembly passed Senate Bill 508 (SB 508). SB 508 creates a new Section 18-233 in the Property Tax Code amending the Property Tax Extension Limitation Law (PTELL) to allow taxing districts to...more
The Illinois Appellate Court recently upheld a decision of the Illinois Property Tax Appeal Board (PTAB) involving the assessed value of a farm property owned by Edward Sims Jr. Trust (Trust) in Edward Sims Jr. Trust v. Henry...more
The Illinois Appellate Court recently issued two decisions involving property tax assessments, each being noteworthy for a different reason. One is noteworthy because it focuses on the longstanding legal principle that a...more
Last week, the General Assembly adopted legislation that attempts to clarify the power of county boards to waive all or a portion of the interest penalty of 1.5% per month that is normally applied to late property tax...more
5/28/2020
/ General Assembly ,
Interest Rates ,
Legislative Agendas ,
Penalties ,
Property Owners ,
Property Tax ,
Property Valuation ,
Real Estate Market ,
State and Local Government ,
Tax Assessment ,
Waivers
The Illinois Department of Revenue has released the final 2019 Cook County equalization factor. The factor (sometimes referred to as the multiplier) for 2019 is 2.9160. The press release from the Department of Revenue is...more
Earlier today the Cook County Board of Commissioners approved an ordinance declaring that no interest will accrue on the second installment of 2019 taxes, due on August 3, 2020, provided the taxes are paid on or before...more
This week Cook County Board President Toni Preckwinkle announced that the County Board of Commissioners will be considering an ordinance at their May 21st meeting to waive penalty interest for 60 days following the August 2nd...more
In yet another change brought about by COVID-19, the Cook County Board of Review is now providing notice of new Property Tax Appeal Board (PTAB) appeals by electronic mail. ...more
Today the Illinois Property Tax Appeal Board (PTAB) issued guidance to practitioners on filing dates and deadlines in light of the unprecedented changes occasioned by coronavirus disease 2019 (COVID-19)....more
Last week, Cook County Assessor Fritz Kaegi announced a temporary suspension of reassessment notices and filing deadlines. This follows the Assessor’s closing his office to the public on March 13, 2020 in light of the growing...more
At a meeting of the City Club of Chicago yesterday, Cook County Assessor Fritz Kaegi presented his plans to modernize the Assessor’s office. Kaegi announced that the first area of Cook County he will reassess are the north...more
Last week a lawsuit was filed in the U.S. District Court for the Northern District of Illinois by a group of seven Cook County taxpayers challenging the time it has taken to adjudicate their claims in the Cook County Circuit...more
The Illinois Department of Revenue has released the final 2017 Cook County equalization factor. The multiplier for 2017 is 2.9627. ...more
For the past eight years, Franczek Radelet has tracked property tax assessment data obtained from the Cook County Assessor's Office. Our data set begins in tax year 2009 when the classification ordinance was amended to...more
This week the Chicago Tribune published a three-part series of investigative reporting on the Cook County property tax system and the appeals process entitled “The Tax Divide”. Tribune reporters are examining 1) how the tax...more
Last Friday the Illinois Department of Revenue released the final 2016 Cook County equalization factor, which will be used to calculate the second installment property tax bills that are anticipated to be due in August 2017....more
On Thursday, the Illinois Department of Revenue released the final 2015 Cook County equalization factor. The multiplier for 2015 is 2.6685.
As the following chart demonstrates, the final Cook County equalization...more