December 29, 2015

Bloomberg Business

Bloomberg Business
December 29, 2015

This article discusses the state of Illinois ending calendar year 2015—six months into FY2016—without a budget. With the current budget impasse, spending plans have driven up borrowing costs, the state’s credit rating has sunk and underfunded pensions have worsened. According to the Civic Federation, Illinois is set to pay about $7.5 billion to pensions this fiscal year.

December 23, 2015 - 12:57pm


December 23, 2015

The following were among the most highly read posts provided by the Institute for Illinois’ Fiscal Sustainability in 2015. Understandably, they represent the most closely followed Illinois fiscal issue of the year: the ongoing state budget impasse. The posts have been listed in chronological order, rather than by number of views, for the purpose of best explaining the events related to the matter.

 

Governor Proposes Deep Cuts and New Pension Reforms to Balance FY2016 Budget
February 20, 2015


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December 21, 2015

Crain's Chicago Business

Crain's Chicago Business
December 21, 2015

This article covers two studies recently released by the Civic Federation. One report tracks the estimated full value of real estate in Cook County, which grew to $460 billion in 2013 after six consecutive years of decline. The other examines effective tax rates for selected municipalities in northeastern Illinois in 2013.

December 17, 2015

December 17, 2015

The full market value of real estate in Cook County was approximately $459.9 billion in tax assessment year 2013 according to an annual estimate released today by the Civic Federation. The 2013 total value estimate represents an increase of $45.5 billion or 11.0% from the 2012 estimated full value. Tax year 2013 is the most recent year for which data are available. The 2013 estimates represent the first time since 2006 that real estate values in Cook County increased. The full report including ten-year trend data is available here.

December 17, 2015

This report provides estimates of the total market value of real property in Cook County from 2004-2013 and shows how property value is spread among the City of Chicago, the northern and the southern suburbs.

The full market value of real estate in Cook County was approximately $459.9 billion in tax assessment year 2013. This represents an increase of $45.5 billion or 11.0% from the 2012 estimated full value. The 2013 estimates represent the first time since 2006 that real estate values in Cook County as a whole increased. Tax year 2013 is the most recent year for which data are available.

Click here to read the press release for this report.

December 17, 2015

December 17, 2015

This annual report compares estimated effective property tax rates in the six-county region of northeastern Illinois between 2004 and 2013, the last year for which data are available. Among the 12 selected Cook County communities that the Civic Federation analyzed, Harvey had the highest effective tax rate for residential properties at 8.08% in tax year 2013, and Chicago had the lowest residential rate in Cook County at 1.66% and the second-lowest of all 29 communities included in the study.

The Civic Federation also found that while all 12 selected Cook County communities experienced increases in their composite property tax rates in 2013 over 2012, estimated residential effective property tax rates declined for all communities analyzed but one.

December 17, 2015

December 17, 2015

December 17, 2015

Ten-Year Trends for Cook County Show Highest Tax Burden in Harvey, Lowest in Chicago

The Civic Federation released its annual estimate of effective property tax rates in the six-county region of northeastern Illinois today. Among the 12 selected Cook County communities, Harvey had the highest effective tax rate for residential properties at 8.08% in tax year 2013, while Chicago had the lowest residential rate in Cook County at 1.66% and the second-lowest of all 29 communities included in the study. The full report is available here.

December 14, 2015

ABC 7

ABC 7
December 14, 2015

This article discusses the Chicago Teachers Union’s recent vote to authorize a strike. If the strike were to happen, it would be the second strike in three years. Civic Federation President Laurence Msall explained that the District’s current pension obligations are unsustainable. The Civic Federation did not support FY2016 Chicago Public Schools budget because it relied on $480 million in State funding that had not been appropriated.

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