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 impact of the pandemic on the tax bases of local governments is slowly becoming clearer as the number of retailers filing for bankruptcy protection grows. ...more
Last Friday the Illinois Appellate Court for the Third District shot down a tax increment financing (TIF) district created by the City of Crest Hill finding that the parcels within the proposed TIF area were not contiguous...more
Yesterday, the Illinois Supreme Court issued a decision in Oswald v. Hamer marking the latest chapter in a controversy dating to 2003. The decision finds that Section 15-86 of the Illinois Property Tax Code, which provides a...more
9/21/2018
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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
Taxing districts in Cook County may see a slight increase in the funds they receive because of a new type of collection referred to as an Exemption Waiver Distribution. This new collection was established by an amendment to...more
Cook County continues to increase the number of commercial and industrial properties eligible for reduced property tax assessments. Recently, the County amended the Real Property Assessment Classification Ordinance to add the...more