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This report explains the system and method for how property taxes are levied, calculated and collected in Cook County, Illinois. This is called the tax extension and billing process. Additional Civic Federation primers will explain the Cook County assessment, property tax appeals and tax increment financing (TIF) systems. The purpose of this report is to make the property tax system more transparent and understandable for policymakers, homeowners, renters, business owners, and residents across Cook County.

As Chicago Public Schools (CPS) heads into a pivotal budget season under new leadership—and with a newly finalized, high-cost contract with the Chicago Teachers Union—the Civic Federation is releasing a three-part educational series on what's at stake for CPS in FY2026 and beyond. The new contract significantly increases the District’s structural budget deficit, and with a new Board now responsible for developing long-term solutions, a clear understanding of the financial landscape is imperative. CPS is burdened with high pension costs and a low credit rating, with few options to raise its own revenue without asking the City or the State for aid. The District also faces a structural deficit that will continue to grow as the costs of the new contract come due. This series provides public officials, advocates, and the media with a grounded understanding of the District’s fiscal challenges, the limitations of available options, and the risks of unsound solutions. This three-part educational series sheds light on what's at stake for CPS in FY2026 and beyond. 1. Understanding the Components of CPS’ FY2026 Projected Structural Deficit 2. A Brief History of the School Finance Authority 3. How Chicago Public Schools' Pensions Work: An Explainer

As the State of Illinois’ second largest revenue source, the sales tax is a critical tool that supports government operations and public services throughout the state. First implemented in the 1930s, Illinois’ antiquated sales tax structure still primarily taxes goods rather than services. Due to this narrow tax base — which does not reflect the modern, service-oriented economy — the sales tax is falling short. Illinois needs a more strategic and sustainable fiscal structure that delivers consistent and reliable revenue growth, efficient spending, and economic competitiveness.