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

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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 Cook County, HB2217/SB1379 provides that taxpayers of income producing property shall submit income and expense data related to the property annually to the chief county assessment officer, further it provides that when determining the value of property for assessment purposes, the assessor may consider all relevant information pertaining to the fair cash value of the property, including, but not limited to, income and expense data, sales data, property characteristics data, construction cost data, appraisals, and other valuation information; and

 

WHEREAS, it is imperative to have the proper tools in place to achieve assessment accuracy, fairness and transparency; and

 

WHEREAS, the income and expense data contemplated in HB2217/SB1379 are consistent with information the Cook County Board of Review requires via Rule 21, which is already in place; and

 

WHEREAS, it is in the best interest of this Honorable Body to support efforts to create a fair and transparent property tax assessment system; and

 

WHEREAS, HB 2217/SB1379, is an important first step in the process of reforming our assessment system, by requiring the submittal of income and expense data to enable the Assessor to more accurately assess income producing properties and be in alignment with the standards of the International Association of Assessing Officers; and

 

WHEREAS, this is a best practice, used in peer metro areas like New York, Boston, Washington D.C. area, and Seattle, as well as in states like Florida and Virginia;

 

NOW, THEREFORE, BE IT RESOLVED, that the Cook County Board of Commissioners does hereby urge the Illinois General Assembly to pass HB 2217/SB1379, as amended by the Illinois General Assembly, to give the Cook County Assessor the data needed to more accurately assess properties in Cook County thereby creating a more accurate, fair and transparent assessment system; and

 

BE IT FURTHER RESOLVED, that a suitable copy of this Resolution be tendered to the Speaker of the Illinois House of Representatives, the President of the Illinois Senate and the Governor of Illinois.

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