Board of Commissioners of Cook County - File #: 19-1909

• File #: 19-1909
• Version: 1
• Name: URGING THE ILLINOIS GENERAL ASSEMBLY TO SUPPORT ASSESSMENT REFORM
• Type: Resolution
• Status: Approved
• File created: 2/15/2019
• In control: Legislation and Intergovernmental Relations Committee
• On agenda: 2/21/2019
• Final action: 3/21/2019
• Title: PROPOSED RESOLUTION URGING THE ILLINOIS GENERAL ASSEMBLY TO SUPPORT ASSESSMENT REFORM WHEREAS, analyses revealed that Cook County's unique property tax system created an inaccurate system that lacks transparency; and WHEREAS, analyses have revealed that the hardest hit by said system were people of color and owners of lower-priced properties such as those located in the South Suburbs; and WHEREAS, property tax reform, including as it relates to accurate assessment of property is vital to creating a fair and transparent system as well as fostering economic development throughout Cook County; and WHEREAS, using improved data will help eliminate uncertainty and hidden costs in the current system, which deter institutional investment and hurt our economy; and WHEREAS, utilizing transparent assessment methodology and better data will make it easier for institutions to invest in less familiar asset classes and neighborhoods, giving a stimulus to places that need it most; and WHEREAS...
• Sponsors: DONNA MILLER, LUIS ARROYO JR, SCOTT R. BRITTON, KEVIN B. MORRISON, ALMA E. ANAYA, JOHN P. DALEY, BRIDGET DEGNEN, BILL LOWRY, DEBORAH SIMS, LARRY SUFFREDIN

Date	Ver.	Action By	Motion	Result
3/21/2019	1	Board of Commissioners	approve	Pass
2/28/2019	1	Legislation and Intergovernmental Relations Committee	recommend for approval
2/28/2019	1	Legislation and Intergovernmental Relations Committee	accept as amended	Pass
2/28/2019	1	Legislation and Intergovernmental Relations Committee	recommend for approval as amended	Pass
2/21/2019	1	Board of Commissioners	refer	Pass

title
PROPOSED RESOLUTION

URGING THE ILLINOIS GENERAL ASSEMBLY TO SUPPORT ASSESSMENT REFORM

WHEREAS, analyses revealed that Cook County's unique property tax system created an inaccurate system that lacks transparency; and

WHEREAS, analyses have revealed that the hardest hit by said system were people of color and owners of lower-priced properties such as those located in the South Suburbs; and

WHEREAS, property tax reform, including as it relates to accurate assessment of property is vital to creating a fair and transparent system as well as fostering economic development throughout Cook County; and

WHEREAS, using improved data will help eliminate uncertainty and hidden costs in the current system, which deter institutional investment and hurt our economy; and

WHEREAS, utilizing transparent assessment methodology and better data will make it easier for institutions to invest in less familiar asset classes and neighborhoods, giving a stimulus to places that need it most; and

WHEREAS, international assessment standards recommend assessors employs the traditional three approaches to value, which are cost, market/sales comparison and income, and while each approach has its own unique characteristics, their goal is to utilize the most appropriate approach for the specific property to arrive at its most accurate true cash value or usual selling price on an annual basis; and

WHEREAS, by collecting income and expense data up front on an anonymized and bulk basis the Cook County Assessor's modeling and valuations teams will be able to take current market rents, vacancy rates, and trends into account, to deliver fair, accurate and transparent assessments; and

WHEREAS, the Illinois General Assembly is currently considering legislation (HB2217) sponsored by Representative William Davis and (SB1379) sponsored by Senator Toi Hutchinson to enable Assessors including the Cook County Assessor to collect relevant data to properly determine said values; and

WHEREAS, in ...