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PROPOSED RESOLUTION
RESOLUTION CALLING FOR HEARING ON THE CREATION OF A PROPERTY TAX RELIEF FUND
WHEREAS, each year property taxes are budgeted by public agencies to fund public services including schools, law enforcement, parks, and healthcare. Local tax rates are then established by the Cook County Clerk, dividing levies by Equalized Assessed Values (EAV); and
WHEREAS, the Cook County Assessor is charged with the reevaluation and assessment of properties in Cook County, assessment appeals, and exemptions. The Cook County Treasurer then issues and collects property tax bills, then distributes to taxing districts to fund public services, and collects late interest payment fees when taxpayers are delayed in paying their property tax bills; and
WHEREAS, homeowners will pay nearly $611 million in new property taxes, representing 86.5% of the total increase in property taxes and 1.3 million homeowners' saw an increase in their tax bills; and
WHEREAS, the Institute on Taxation and Economic Policy found that in 2018, the poorest 20 percent of taxpayers paid 4.2 percent of their income on property taxes, compared to 3 percent of income for middle-income taxpayers and 1.7 percent of income for the wealthiest 1 percent of households; other research has found that these tax disparities are felt strongest by Black and Hispanic residents who are estimated to have a 10 to 13 percent higher property tax burden than households more generally; and
WHEREAS, an analysis conducted by the Cook County Treasurer's Office found that median tax bills for Tax Year 2023 (billed in 2024) have increased by 19.9% this year, the largest increase in 29 years; and
WHEREAS, the Cook County Treasurer's Office collects late interest fees on property tax bills, pursuant to 35 ILCS 200/21-15; the Treasurer's Office budgeted $35 million in interest fees and projects to collect a total of $68 million for FY 2024; as of May 2024, the Treasurer's Office has collected $54 million; and
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