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PROPOSED RESOLUTION
REQUESTING PRESENTATIONS FROM THE COOK COUNTY TREASURER AND COOK COUNTY ASSESSOR TO DISCUSS THE IMPACT OF INCREASED PROPERTY TAXES ON CONSTITUENTS
WHEREAS, property taxation in Cook County is a complex system that involves numerous stakeholders and factors; and
WHEREAS, the Cook County Treasurer is tasked with overseeing the second-largest property tax collection and distribution system in the United States collecting approximately $15.6 billion each year in taxes and distributing the funds to over 2,000 local government agencies with tax collection jurisdiction; and
WHEREAS, the Cook County Assessor is tasked with establishing fair and accurate property assessments and conducts a reassessment of one-third of Cook County each year; and
WHEREAS, in October 2020 Cook County Treasurer Maria Pappas released an analysis of real property taxation in Cook County spanning a twenty-year time period titled "The Pappas Study"; and
WHEREAS, the report findings include a substantial increase in property taxes of up to 87% in Suburban Cook County and 115% in the City of Chicago, which outpaces the increase in wages throughout Cook County; and
WHEREAS, the International Association of Assessing Officers (IAAO) conducted a study of 2018 commercial assessments in Cook County and found that estimated market values of commercial properties in the City of Chicago and Cook County did not meet the IAAO's standards for high-quality assessments; and
WHEREAS, the IAAO Report found that underassessments of commercial properties means that residential properties are paying more than their fair share of property taxes, and
WHEREAS, in addition to these issues, the COVID-19 pandemic has further strained household incomes and has forced outreach to become virtual in nature, potentially leaving constituents who lack Internet access without needed information or assistance; and
WHEREAS, the increase in property taxes has posed a growing burden on the ta...
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