Publications
This report details how foreclosures soared during July, August and September of 2009 after a significant pause during the second quarter. Analysts from the Assessor’s Office attribute the second quarter slow-down in foreclosures to two pieces of legislation designed to prevent or delay foreclosures: The Illinois Homeowner Protection Act and the federal Making Home Affordable Program.
The purpose of this paper is to illustrate both the difficulties in determining the effectiveness of TIF and the importance of considering its costs and benefits as an economic development tool. After a brief introduction to TIF generally in all states and to the specifics of its application in Illinois, the paper goes on to discuss the mechanics of TIF operation in Cook County and Chicago, and how it interacts with the property tax system. We then offer a review of TIF districts in Chicago, including TIF revenues, expenditures and redevelopment activities.
This paper proposes to expand the current Illinois Circuit Breaker Program and provide property tax credits to up to 4.7 million households in Illinois. Under the model proposed in this paper, most households with an income below $91,244 (adjusted up or down by household size) will not have to pay more than 5 percent or 3.5 percent for seniors of their income in property taxes. Eligible renters as well as homeowners would receive relief.
This report details the findings of Major Assessment Jurisdiction Affordable Housing Survey conducted by the Cook County Assessor’s Office. The survey gathered information from major assessing jurisdictions concerning their data gathering and valuation procedures of affordable properties and whether those procedures were guided by state legislation, local ordinance, or internal policy.
