File #: 23-0593    Version: 1 Name: 2023 PROPERTY TAX RELIEF LOAN PROGRAM
Type: Resolution Status: Held / Deferred in Committee
File created: 12/15/2022 In control: Finance Committee
On agenda: 12/15/2022 Final action:
Title: PROPOSED RESOLUTION PROPOSED RESOLUTION FOR THE CREATION OF THE 2023 PROPERTY TAX RELIEF LOAN PROGRAM WHEREAS, The Cook County (the "County") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and WHEREAS, As the County continues to confront the twin crises of the COVID-19 pandemic and inflation, the very same residents who are struggling to make ends meet are now facing large increases in their property tax bills; and WHEREAS, The reliance on property taxes to fund government functions has put a tremendous strain on our residents - particularly those facing displacement and other pressures from gentrification; and WHEREAS, This year, the overall property tax burden increased upwards of $468,000,000, with homeowners picking up approximately 60% of the increase while tax bills for the majority of commercial propertie...
Sponsors: ALMA E. ANAYA, FRANK J. AGUILAR, ANTHONY J. QUEZADA
title
PROPOSED RESOLUTION

PROPOSED RESOLUTION FOR THE CREATION OF THE 2023 PROPERTY TAX RELIEF LOAN PROGRAM

WHEREAS, The Cook County (the "County") is a home rule unit of government under Article VII, Section 6(a) of the Constitution of the State of Illinois, and, as such, may exercise any power and perform any function pertaining to its government and affairs; and

WHEREAS, As the County continues to confront the twin crises of the COVID-19 pandemic and inflation, the very same residents who are struggling to make ends meet are now facing large increases in their property tax bills; and

WHEREAS, The reliance on property taxes to fund government functions has put a tremendous strain on our residents - particularly those facing displacement and other pressures from gentrification; and

WHEREAS, This year, the overall property tax burden increased upwards of $468,000,000, with homeowners picking up approximately 60% of the increase while tax bills for the majority of commercial properties actually decreased after the appeals process; and

WHEREAS, According to a report issued by the Cook County Treasurer, the increase in residential property taxes is particularly and acutely affecting fast-gentrifying communities and majority-minority communities - particularly Latino communities - including the Lower West Side (46%), Humboldt Park (30%), Avondale (27%), South Lawndale (25%), Rogers Park (25%), Irving Park (21%), Chicago Lawn (20%), Hermosa (19%), Armour Square (19%), Logan Square (18%), Grand Boulevard (18%), O'Hare (18%), Douglas (17%), Gage Park (17%), Kenwood (16%), and West Ridge (16%); and

WHEREAS, While there are certainly many causes of these increases - including increases in assessed values, lingering effects of assessments during the early stages COVID-19 pandemic, the impact of property tax appeals shifting the tax burden from big commercial properties to residential properties, the proliferation of TIF districts, a recent state law that allows ...

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