Cook County property tax is expected to hit $4.2B next year
Cook County’s property tax revenue for the fiscal year that ends September 30, 2019, is expected at $4,211 billion, up from $3,917 billion for the previous fiscal year.
The Cook County Board of Commissioners has set a goal of hitting the $4 billion mark this year.
But the county’s revenue from property taxes, which are paid by the county and county taxpayers, is projected to come in just under $1 billion, according to the Cook County Assessor’s Office.
This is not as bad as it sounds, however.
The county expects to receive a total of $2.9 billion in tax revenue from 2018 through 2022, which is an increase of just over $1.5 billion from the prior fiscal year, the ASSO said.
The increase in tax revenues comes largely as a result of the new property tax system implemented in 2018, which requires property owners to pay property taxes in full every year.
Cook County already paid a combined $1,856 billion in property taxes last year.
In 2017, property taxes brought in $1 million for the county, according the ASSOCIATION OF CHICAGO COUNTY PROPERTY TAXPAYERS.
“I would be happy to take a big step forward with property tax revenues for Cook County this year,” Cook County Clerk of Courts Kim O’Connor said in a statement, according a press release.
“We have the support of our fellow citizens and will be moving forward in the best interest of taxpayers.”
The Cook Act has made it a requirement that property owners pay a portion of their property taxes for at least two years, so Cook County has already passed on that step in 2018.
Property owners who have been affected by the new tax law have the option of paying the full amount of their taxes in installments.
However, some property owners have been able to deduct some or all of their current property taxes as a down payment for future tax bills.
The ASSO estimates that Cook County will have about $1 trillion in tax receipts by 2022.
But if property owners don’t pay the full tax bill in installments, they’ll have to pay the property tax in the form of an increase in the tax rate.
Property taxes can be passed on to other taxpayers, which could cause the county to pay more in property tax than it should.
Property tax rates are set annually by the state Legislature.
But Cook County is paying the highest property tax rate of all Cook County jurisdictions.
The city of Chicago paid about $6,600 more in tax this year than it paid in 2018 with a property tax increase of about $2,000.
The counties of Cook, Lake, and DuPage also paid more than $2 million in property and sales taxes this year, but the counties are paying much more in taxes than they should.
According to the ASSOW, the county is currently facing an estimated $10.4 billion budget deficit, which includes $2 billion in projected future property tax costs, according one estimate.
The new property taxes are expected to reduce Cook County revenues by $2 to $4 million, according TOA spokesperson.
Property Taxes Increase Cook County Property Taxes Cook County residents are still getting hit with property taxes that are increasing at an alarming rate.
Cook Tax Credit, which helps homeowners purchase property in Cook County, increased from $1 per $100,000 assessed value to $3.25 per $200,000 on April 16, 2018.
Tax credits are designed to help people with lower-income households purchase properties in Cook, but they can also affect people with higher-income people.
Cook Property Tax Credit is now $3 per $1M assessed value.
The total increase in property property taxes was estimated to be $5.4 million this year with a projected $8.2 million increase in 2021.
Property Tax Increases Increase Tax Credits for Cook, DuPage, and Lake Counties Property tax credits can increase depending on your household’s income and other factors.
But this year is different.
Property values for Cook counties are now more than double what they were when the new county tax law took effect.
According the ASSA, the counties of DuPage and Lake are expecting an increase to about $20.5 million, while the counties with the highest county property taxes (like Cook) are expecting to see an increase between $9.6 million and $22 million.
Taxpayers who are affected by property tax increases are able to reduce their property tax bills by using the Cook Tax credit.
But you have to do it at the county level.
If you live in a household with an income of $100k or more, you can deduct all of your property taxes paid from 2018 to 2021 and still pay taxes on your 2017 income tax return.
If your household makes $50k or less, you only need to deduct half of your tax bills paid this year and will not need to take any deductions for the next year.
For Cook County