A short update on prepayment of property taxes – Quicktake

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Jim234
8 years ago

Illinois gives a 5% property tax credit on my residence tax. I.prepaid $5,000 or a $250 credit. Cook County is up to $300 million in prepaid taxes. What a credit hit to Illinois. Least it reduces my extra state income tax for the year!!

mikeg2929
8 years ago

Lots of hot air on this topic. Many who pay high taxes are also subject to the AMT provision. If so, prepaying next year’s taxes will have 0 impact to your tax liability in 2017. Pappas has already said you cant pay the 2nd half – they are not set up to take it and the number isn’t known, and thus cant be assessed.

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Mark Glennon on AM560’s Morning Answer: Chicago pension buyout plan mostly shifts debt rather than eliminating it, property tax surge doubles inflation over three decades

Chicago’s political leadership is floating a pension buyout program as evidence it is seriously addressing the city’s thirty-six-billion-dollar unfunded pension liability, but Mark Glennon, founder of the Illinois policy research organization Wirepoints, said that the proposal moves debt from one column to another rather than reducing it, and that the broader fiscal picture facing the city continues to deteriorate across every measurable dimension. Audio here.

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