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PROPOSED RESOLUTION
OPPOSING A PROPERTY TAX INCREASE IN THE FISCAL YEAR 2016 BUDGET
WHEREAS, Cook County is located in the northeastern section of the State of Illinois that contains more than 800 local governmental units within its boundaries, it has a population of approximately 5.3 million people, it is the second most populous county in the nation and the 19th largest government in the United States (2005 census statistics); and
WHEREAS, Cook County contains 135 municipalities in its region, the most well-known being The City of Chicago, the City of Chicago and the suburban municipalities account for approximately 85% of the County's 946 square miles, while unincorporated areas make up the remaining 15%; and
WHEREAS, property taxes are paid in arrears and are due in two installments every year, and after taking advantage of property tax exemptions, many longtime homeowners still face the threat of being forced to sell their property due to the exponential cost of their property taxes; and
WHEREAS, despite Cook County holding the line on its property tax levy since 1994, taxpayers are subject to increasing property tax bills as a result of the increase of tax rates by individual taxing districts; and
WHEREAS, property taxes collected by all governments in Cook County increased from $7.89 billion in 2000 to $11.69 billion in 2010 according to the Heartland Institute; and
WHEREAS, according to Internal Revenue Service data from 1992 through 2010 Cook County lost a net of nearly 276,000 taxpayers to neighboring counties, including DuPage, Will, Lake Kane, McHenry and Lake County Indiana, raising property taxes will result in even more individuals and businesses relocating to these neighboring counties; and
WHEREAS, our housing market is slowly recovering from the recession, but still lagging behind other regions according to Zillow Inc., there are still lingering effects from foreclosures during the recession; high property taxes ca...
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