Some properties were taxed at percent of their value, according to the Chicago Tribune. On top of the lag and inconsistency with the assessment practices, the CCAO currently uses a mainframe computer from the early s to estimate property values. Officials say that the computer system is being updated, but the process will take up to six years. As a result, the issue of regressivity, common across many counties nationwide, has been amplified in Cook County. Put simply, regressivity refers to situations in which higher-priced properties are taxed at a lower rate while lower-priced properties are taxed at a higher rate.
Property taxes in Cook County are generally regressive. McCarron says that the issue of regressivity stems from the three-year lag in assessments in Cook County, which leads to inaccurate records of property values. This structural flaw means the CCAO does not take into account rising or falling property values.
An important data point used to measure regressivity is the price-related differential PRD , according to Daniel P. A PRD of. An acceptable PRD is 1. According to these IAAO standards, anything above that is unacceptably regressive. One solution for individual property owners to alleviate this burden is to appeal their property tax bill through the CCAO and potentially get a reduction.
But according to Barreno-Paschall, not everyone can get a reduction and the appeals in Cook County often lead to greater regressivity. A study published at the University of Illinois at Chicago UIC concluded that the overall trend resulted in high margins of error across the board by the Cook County Assessor.
Black neighborhoods were assessed at higher rates than white neighborhoods.
Cook County Treasurer
In , two more UIC professors published a study which examined data for residential properties and also concluded that their data had a severe lack of uniformity. The coefficient of dispersion COD , which measures the amount of variation between individual assessments, was at approximately 24 percent in and 27 percent in , according to the study. The complaint was filed on behalf of plaintiffs Brighton Park Neighborhood Council, South Suburban Housing Center and Logan Square Neighborhood Association in the wake of more information coming to light regarding inaccurate property tax assessments.
Barreno-Paschall is the lead attorney on the case. The plaintiffs claim that the CCAO systematically and purposefully pushed the burden of taxation onto communities of color, resulting in overvaluation of properties and unacceptable levels of regressivity. The assessments under current assessor Berrios are neither uniform or accurate, according to the complaint.
The CCAO has cited a faulty statistical model as a reason for the high error rate. The model was supposed to be fixed in , but the CCAO still uses the old one. Barreno-Paschall said that something has to change, but it is difficult to know exactly what changes have to be made. Once the home is sold or the senior dies , the state receives the money it essentially loaned to allow the property tax payment to be deferred. In order to participate, seniors must submit their applications by March 1.
A homeowner exemption is available for anyone whose primary residence is a condo, townhouse, single-family home or unit within at least a six-unit apartment building. Another exemption is designed for individuals who want to renovate or upgrade their homes. If you have questions about how property taxes can affect your overall financial plans, a financial advisor in Chicago can help you out. Cook County property taxes are paid in two different installments. Taxpayers are required to pay an estimated installment by March 1 and another installment in the fall.
The second installment due date can vary from year to year. That happens because final property tax bills are based on updated property values and tax rates. Tax payments can be made in four ways. Certain community banks allow Cook County residents to make payments straight from their savings or checking accounts.
Chase Bank also provides this service in hundreds of local branches. You also have the option of making an online payment.
This amount will correspond to the date that you submit or mail your tax payment. If you end up paying more property taxes than you owe, you can apply for a property tax refund. The process is simple. Zoom between states and the national map to see the counties getting the biggest bang for their property tax buck. Our study aims to find the places in the United States where people are getting the most for their property tax dollars. To do this we looked at school rankings, crime rates and property taxes for every county.
We created an average score for each district by looking at the scores for every school in that district, weighting it to account for the number of students in each school. Within each state, we assigned every county a score between 1 and 10 with 10 being the best based on the average scores of the districts in each county.
Using the school and crime numbers, we calculated a community score. This is the ratio of the school rank to the combined crime rate per , residents. We used the number of households, median home value and average property tax rate to calculate a per capita property tax collected for each county.
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Finally, we calculated a tax value by creating a ratio of the community score to the per capita property tax paid. This shows us the counties in the country where people are getting the most bang for their buck, or where their property tax dollars are going the furthest. What is an Index Fund?
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No new taxes, more staff for property tax appeals in Cook County budget proposal
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