In the 2022 tax year, municipalities in the south suburbs only managed to collect 86.4 percent of billed taxes owed by residents, the Chicago Tribune reported. That pales in comparison to the countywide average of 96 percent, highlighting a significant revenue loss estimated at $185 million, which could be going to crucial services like public safety, education and infrastructure.
The taxing bodies will not lose any money regardless of how much is collected thanks to PTELL. The tax rate will go up to compensate.
Streeterville
2 years ago
Yup, Cook County and its taxing entities can continue to levy ever higher taxes. And they do so. But increasingly more property owners can’t afford these exorbitantly-levied taxes, so more delinquencies will continue to accrue. Suspect that delinquencies among commercial and industrial property-owners, office high-rise owners, will begin to affect budgets at county and municipal agencies soon. Don’t think that downtown office building owners, with currently huge vacancy-rates, are paying their current real estate taxes in full if at all. For these guys, it’s far more cost-effective long-term, to turnover ownership of lender than continue to service loan. Hand-off the… Read more »
Hello, Indiana!
2 years ago
“ Where’s my end “ from residents of municipalities that collect slightly more than half the taxes owed on a good day. That’s rich.
Wyatt Earp
2 years ago
Tax collection increase is hubris , it will not
Work. Knock everything down and return to
Farming. Go ahead send a lot of money into
The pit, your return NOTHING. Give out free homes, free water, free gas/electric, free
Trash pick up, free insurance, don’t forget the free car, how about a Tesla. Give it all
Free one question who the hell is going to pay for it not me I will pack up and move to
A rational state. Whoever or whatever is left
Here good luck it will not be pretty .
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
The taxing bodies will not lose any money regardless of how much is collected thanks to PTELL. The tax rate will go up to compensate.
Yup, Cook County and its taxing entities can continue to levy ever higher taxes. And they do so. But increasingly more property owners can’t afford these exorbitantly-levied taxes, so more delinquencies will continue to accrue. Suspect that delinquencies among commercial and industrial property-owners, office high-rise owners, will begin to affect budgets at county and municipal agencies soon. Don’t think that downtown office building owners, with currently huge vacancy-rates, are paying their current real estate taxes in full if at all. For these guys, it’s far more cost-effective long-term, to turnover ownership of lender than continue to service loan. Hand-off the… Read more »
“ Where’s my end “ from residents of municipalities that collect slightly more than half the taxes owed on a good day. That’s rich.
Tax collection increase is hubris , it will not
Work. Knock everything down and return to
Farming. Go ahead send a lot of money into
The pit, your return NOTHING. Give out free homes, free water, free gas/electric, free
Trash pick up, free insurance, don’t forget the free car, how about a Tesla. Give it all
Free one question who the hell is going to pay for it not me I will pack up and move to
A rational state. Whoever or whatever is left
Here good luck it will not be pretty .
Developed parcels are stripped of their topsoil. Can’t farm upon demolition debris. Would need to import soil to cultivate vacant parcels.
Good point I should have remembered this from my early childhood on the farm.