No, The Assessor Did Not Increase Your Property’s Assessed Value To Collect More Taxes!!!

Written by Ron Kingsley, Lake County Appeal Owner and Tax Attorney   Literally, every day, at least one client calls me with the misconception that the assessor increased the client’s assessed value in order to collect more taxes.  No, no and no!!!  As Jill Odzer’s article aptly points out, the amount of taxes that the taxing bodies need to perform their functions determines the amount of Read More …

Should My Taxes Be Reduced Since Everything is Shut Down?

Written By Jill Odzer, Lake County Appeal Commercial Analyst   One common question I receive goes something like this, “Since everything is shut down, my taxes should be reduced, right?”  Although this may sound logical, it isn’t how property taxes work…Your property tax bill stems from two separate components:  The first component is the assessed value, which is supposed to be one-third of the fair market value of your property on January 1 Read More …

Covid-19 Closures Could Push Residential Property Tax Bills Higher In Coming Years

Business closures could shift property tax burdens to homeowners.   Written By, Cole Lauterbach – Center Square Illinois, News Partner – July 17, 2020    The COVID-19 pandemic could have lasting consequences for property owners, especially if business closures shift property tax burdens to homeowners.   Property taxes aren’t implemented like income taxes, where a percentage of Read More …

The Property Tax Bill Shock

Written by Ron Kingsley, Lake County Appeal Owner and Tax Attorney 7/10/2020   Many residential and commercial property owners were shocked by recent increases in property tax bills.  Part of the reason for the increases is that once every four years, properties in the “collar counties” of Illinois (such as DuPage, Kane, Lake, and McHenry Read More …

Barrington SD220 to make $1M budget cut, expecting less property tax revenue due to COVID pandemic

Written By, ALICIA FABBRE – CHICAGO TRIBUNE – PIONEER PRESS, 6/16/20   Anticipating a drop in revenue due to the COVID-19 pandemic, Barrington School District 220 school board members agreed to trim the district’s budget for next fiscal year by $1 million.   The move, approved at the June 2 board meeting, would put a hold on Read More …

Renewal Applications for Senior Freeze, Disabled Persons and Disabled Veterans Homestead Exemptions Will Not Be Required This Year Due to COVID-19 Pandemic

Written By, Lake County, IL Chief County Assessment Office, 6/15/20   Lake County residents who in 2019 applied for and received the Senior Citizen Freeze Homestead Exemption, the Homestead Exemption for Persons with Disabilities, and the Standard Homestead Exemption for Veterans With Disabilities will not be required to re-apply for those exemptions in 2020 due to the COVID-19 pandemic.  Read More …

Column: ‘Red states, blue states — they all need the money,’ U.S. Rep. Robin Kelly says of stalled tax relief bill

Written By, Ted Slowik, Chicago Tribune – Daily Southtown, May 26, 2020   The economic impact of the coronavirus pandemic is creating talk of tax relief from the halls of Congress to county treasurer’s offices.   Policymakers seem to want to offer relief to businesses fighting to stay afloat during stay-at-home orders and homeowners struggling Read More …

‘Vastly abused and mismanaged’ underperforming TIF districts may be result of non-restrictive state statutes

Written By, Drew Zimmerman – Lake County Journal, May 28, 2020   • Editor’s note: This is part two of three stories on the performance of tax increment financing.   In 2018, a total of 29 active tax increment financing districts existed within Community Unit District 300 based in Algonquin, leading to overall EAV growth of $296 million. Read More …

As the coronavirus spreads, a question: ‘Will mortgage rates stay low?’

Written By Ann Carrns, THE NEW YORK TIMES, March 18, 2020   “Will mortgage rates remain low?”   Probably, for the time being.   It’s a question many homeowners, and potential homebuyers, are asking. But with uncertainty rampant, thanks to turbulent financial markets and the spreading coronavirus, it’s hard to say for sure just how long they’ll Read More …

Illinois is the least tax-friendly state, especially for homeowners, report says

Property taxes in Chicago really add up Written By, Curbed Chicago, Chicago Real Estate Reports – Sara Freund, January 24, 2020   Illinois is the least tax-friendly state in the country, according to a Kiplinger report, especially for homeowners.  Plus, new assessments led to big changes for some homeowners—as much as 11 percent increases in property tax Read More …

2020 Senior Freeze Information

Lake County Illinois, March 3, 2020 Limited Income Seniors Are Encouraged to Apply for the Senior Freeze Exemption, Which Can Help Lower Property Tax Bills  Property owners age 65 and older who have total household incomes of $65,000 or less are encouraged to apply for the Senior Citizen’s Assessment Freeze.  This program may reduce property Read More …

Despite passing a record income tax hike in 2017, Illinois’ pension health remains the nation’s worst, according to one of the world’s leading credit rating agencies.

Written by, Adam Schuster, Director of Budget & Tax Research  – Illinois Policy Institute, 9/24/19 Despite passing a record income tax hike in 2017, Illinois’ pension health remains the nation’s worst, according to one of the world’s leading credit rating agencies.   A new report from Moody’s Investors Service shows in fiscal year 2018, Illinois’ unfunded pension Read More …

Home is where the hurt is: How property taxes are crushing Illinois’ middle class.

Written By, by Austin Berg, Director of Content Strategy – Illinois Policy   Joel Schurtz lived all across the U.S. before coming to Illinois. He took promising job opportunities where he could find them, from California to Alabama. His wife, Michelle, and their three young children would follow.   “Our family always had a plan,” Read More …

Administrative Bloat.

Written by, Adam Schuster, Director of Budget & Tax Research  – Illinois Policy   Illinois spends the most in the Midwest per student on education. But instead of going to classrooms, a big chunk of that money props up bloated education bureaucracy.    Over 9,000 school administrators earned more than $100,000 per year, and they’ll Read More …

Illinois’ two major income tax hikes were major failures.

Written By, Austin Berg, Director of Content Strategy – Illinois Policy    Illinois’ two major income tax hikes were major failures.   That’s the takeaway from Illinois’ 2018 Comprehensive Annual Financial Report, or CAFR. It’s one of the state’s most important financial documents. And in true Illinois fashion, it was published 245 days late – Read More …