CHICAGO – The Civic Federation released six reports in October and November, covering an array of local government finance and tax topics, including the estimated full market value of real estate in Cook County, Cook County’s pension fund, effective property tax rates, the City of Chicago debt burden, and the State of Illinois’ FY2025 capital budget, among others.
This short report presents trends on increases in total property tax extensions for all the governments on typical Chicago property tax bills. A taxpayer in the City of Chicago pays property taxes to 7 or 8 local governments, depending on which part of the City they live.
On October 30, Chicago Mayor Brandon Johnson introduced the City’s proposed FY2025 budget. The proposed budget included a variety of measures to close a projected $982.4 million budget deficit that was first predicted in last year’s budget forecast.
The City of Chicago currently faces mounting fiscal challenges, with a projected FY2025 budget gap of $982.4 million. A significant contributor to the City’s rising costs is its rising debt burden over time. More information about the City’s current financial challenges can be found here.
The Civic Federation today released a report framing stark financial realities and opportunities City of Chicago officials must navigate as they work to build and approve the City’s FY2025 budget this fall. Estimates place the government at a nearly billion-dollar shortfall, with some City agencies facing their own worsening fiscal cliffs that will become dire by FY2026. The Civic Federation…
CHICAGO — The Civic Federation today released a report framing stark financial realities and opportunities City of Chicago officials must navigate as they work to build and approve the City’s FY2025 budget this fall. Estimates place the government at a nearly billion-dollar shortfall, with some City agencies facing their own worsening fiscal cliffs that will become dire by FY2026. The Civic…
This report lays out several major issues facing the Chicago Mayor and City Council as they prepare to enter the FY2025 budget cycle and beyond, including the City’s structural deficit, pensions, long-term debt, public safety and more.
This report estimates the tax year 2022 (taxes payable in 2023) effective rates for selected municipalities in northeastern Illinois. Use our interactive property tax maps to compare residential, commercial and industrial property tax rates across the region.
Eight months after its formation, the Chicago City Council Finance Committee’s Subcommittee on Revenue held its first hearing on June 26. The committee is tasked with identifying revenue streams to fund the City’s large debt burden, along with new and existing City programs and services. As the Subcommittee continues to engage on the subject of revenue options and the City Council as a whole…
The Civic Federation today released a position paper calling on the Illinois General Assembly to pursue foundational structural reform of Northeastern Illinois’ mass transit systems—the Chicago Transit Authority (CTA), Metra, Pace and the Regional Transit Authority (RTA)—by centralizing the service boards and operations under a single, duly empowered and resourced regional transit agency. Doing…
