September 7, 2011
The purpose of this report is to describe how property taxes are extended in Cook County, Illinois. It defines tax extension, explains the mechanics of calculating rate limits and tax caps, and describes the effects of Tax Increment Financing districts on the tax revenues of local governments. It also includes trend data on Equalized Assessed Value, tax rates, tax extensions, and TIF revenue. Finally, the report explains the difficulty of predicting changes to individual tax bills.