|
Property tax reform: an in-depth look at how the system affects Cook County taxpayers and communities
Cook County’s elected leaders are taking an in-depth look at how the property tax system affects taxpayers and the communities that need services to thrive.
The Chicago Metropolitan Agency for Planning (CMAP) and the University of Illinois Chicago (UIC) Government Finance Research Center partnered with the Office of Cook County President Toni Preckwinkle to form the Property Tax Reform Working Group, which analyzes property tax relief tools, including homestead exemptions, incentive classifications, and the sale of delinquent taxes. The working group's analysis on homestead exemptions was presented at an Illinois House Revenue and Finance Committee meeting on Thursday, May 9.
Illinois offers several types of homestead exemptions that can help lower a home’s property tax bill. While an exemption can offer vital tax relief to the homeowner, it also shifts part of the burden onto other taxpayers through higher rates.
In 2023, CMAP and UIC analyzed how exemptions (which reduce a home’s taxable value) can affect taxpayers and taxing districts differently as well as options to mitigate some unwanted effects and enhance homeowners’ savings. This work shows that taxpayers seeking exemptions in some areas — particularly in the South Suburbs — save much less than what proponents anticipate and what is reported on their tax bills.
In 2021, exemptions removed $16.7 billion from Cook County’s property tax base. Part of that burden is shifted to others — primarily to business properties and (less so) multifamily residential where renting is common. But higher tax rates apply to all property owners in the community, even those claiming the exemptions. This can erode the savings for homeowners and raise costs for businesses.
Homestead exemptions are not unique to Cook County, but the impact can be more significant in some places. A key example: in 2021, the tax rate increase due to exemptions was 14.5 percentage points in the Village of Park Forest, ten times higher than the median among Cook County municipalities (1.4 percentage points).
The analysis also includes:
- Three paths Cook County can take to help improve outcomes
- A look at the current use of homestead exemptions in Cook County
- How homestead exemptions could be funded differently
|
|
CMAP's Regional Economy Committee discusses new data products to help communities plan for prosperity
CMAP's Regional Economy Committee came together in April for its first meeting in 2024. Committee members dove into engaging conversations about housing needs, as well as how to best use resources such as our Job Quality and Access Tool.
CMAP representatives and committee members caught up on recent highlights — the first anniversary of the Greater Chicagoland Economic Partnership, the funding of life-enhancing transit and climate investments, and the Plan of Action for Regional Transit (PART).
The committee plans to meet next on Thursday, September 19.
|
|
 Left: Michael Brown, CMAP’s interim director of planning, speaks at the Regional Economy Committee meeting in April. Right: The committee hears from Austen Edwards, a senior analyst in CMAP’s regional policy and implementation (RPI) division.
|
|
Future Leaders in Planning: seeking high school students who want to explore urban planning
Future Leaders in Planning (FLIP) is CMAP's summer program for high school students in northeastern Illinois. FLIP is a free leadership development program for students to explore urban planning and learn about the issues that shape our region and communities.
FLIP is open to high school students from Cook, DuPage, Kane, Kendall, Lake, McHenry, and Will counties. We're looking for participants who want to learn about urban planning and our region and share ideas about how to make northeastern Illinois a better place to live, go to school, work, and play.
This year's program runs from Monday, July 15, through Friday, July 19, from 10:00 a.m. to 4:00 p.m. It will take place in-person at CMAP's office in the Old Post Office in downtown Chicago, and it will include field trips to sites throughout the region. The program is completely free to students, and includes snacks, meals, public transportation to and from sessions, and swag.
Applications are due by 11:59 p.m. on Wednesday, May 22.
|
|
 CMAP Executive Director Erin Aleman stands with Lake County Partners CEO Kevin Considine, and Lake County Board Chair Sandy Hart at the Big Event in Lincolnshire.
|
|
Partnerships in the spotlight at Big Event in Lake County
Partnerships. That’s at the core of what we do at CMAP.
It’s through strong relationships with Lake County Partners and World Business Chicago, Lake County and our other counties that we are able to get big things done for our region — like the Greater Chicagoland Economic Partnership (GCEP).
CMAP’s Erin Aleman, Jennie Vana, and Tony Manno joined these partners to celebrate the success of the GCEP and partnerships at the ninth annual Lake County Partners Big Event, which took place in Lincolnshire.
|
|
 Left: North Chicago Mayor Leon Rockingham poses with CMAP's Erin Aleman at the Big Event. Right: CMAP's Tony Manno, Erin Aleman, and Jennie Vana stand together at the Big Event.
|
|
Changing our region's story: podcast episode highlights the Greater Chicagoland Economic Partnership
In one year, the GCEP has emerged as a dynamic force.
Through the GCEP, the seven counties of northeastern Illinois (Cook, DuPage, Kane, Kendall, Lake, McHenry, Will) and the City of Chicago collaborate to drive economic growth and advance equity across our region.
Learn more by listening to the DuPage Business Beat podcast episode, Greater Together: How GCEP is changing the Chicagoland story. Host Greg Bedalov, president and CEO of Choose DuPage and chair of the GCEP, joins:
- Robin Ficke, senior vice president, research, World Business Chicago (WBC)
- Kevin Considine, president and CEO, Lake County Partners
- Xochitl Flores, bureau chief of economic development, Cook County
|
|
World Business Chicago welcomes new leader
Philip B. Clement is the new president and CEO of World Business Chicago.
The WBC manages the GCEP, which drives economic growth and advances equity across our region. Before joining the WBC, Clement was the global chief marketing officer at Johnson Controls. He previously spent 12 years as global chief marketing officer for Aon.
CMAP looks forward to his leadership of the organization and a strong year of economic growth across northeastern Illinois.
|
|
World Business Chicago gets Mac Conway Award from Site Selection Magazine
Site Selection Magazine recognized the WBC for excellence in economic development, honoring the organization with a 2024 Mac Conway Award.
The WBC was lauded for "promoting Chicago as a leading global city to help existing companies expand as well as attract new companies."
Site Selection also highlighted the WBC's monthly economic dashboard that provides "a comprehensive view of employment, businesses, and consumer behavior to give users a better understanding of Chicagoland's strengths and challenges." The dashboard tracks pro-Chicagoland decisions, and it features a Chicago Business Barometer, an unemployment rate map, a "Who's Hiring" section, and more!
|
|
The Black Tax book: Cook County assessor hosts discussion on impact of race on real estate
The Cook County Assessor's Office will host a discussion on the impact of race on real estate this month at the National Public Housing Museum in Chicago.
The event, Racial Equity and Real Estate Conversations: The Black Tax book talk, starts at 6:00 p.m. on Wednesday, May 22.
Cook County Assessor Fritz Kaegi will speak with two guests who have done research in this area. Joining Kaegi are:
- Professor Andrew Karhl from the University of Virginia. Karhl's book, The Black Tax: 150 Years of Theft, Exploitation, and Dispossession in America, traces inequitable assessments as far back as the Civil War and follows its legacy to predatory practices that impact communities today.
- Professor Chris Berry from the University of Chicago has done work on Cook County’s property tax system and has a study on the progress that the Cook County Assessor’s Office is making in correcting assessment bias.
|
|
Around the region: Significant wins, economic indicators, Eye-Opener Breakfast update, and more
Last week was National Economic Development Week, and some of our region's economic organizations have highlighted recent success stories.
Lake County Partners promoted their 2023 year in review, revisiting significant wins from the group's 25th anniversary year. The organization touted record growth, major investments, new partnerships, and a renewed focus on its mission to fuel equitable prosperity in the community.
For those seeking insights into DuPage County's economy, Choose DuPage offers its economic indicators report. It includes information about the state of office, industrial and retail real estate, as well as employment trends, transportation information, and more.
The Will County Center for Economic Development has planned its annual Eye Opener Breakfast for Thursday, June 13, in Mokena. The event provides a midyear look at Will County's economy, with updates on developments, initiatives, and economic indicators.
Kane County and the Illinois Manufacturing Excellence Center announced the first grant recipients of the Kane County Manufacturing Program. Awards went to Aeromotive Services, Aurora Defense Group, HARTING of North America, JN Machinery, Richards Wilcox, UCAL Systems, and WPA Works.
|
|
|
|
|
