Posted April 30, 2020
Like local governments across the country, Cook County is preparing for a monumental budget shortfall due to the COVID-19 pandemic. Last week it was reported that the County expects a shortfall of up to $275 million for this budget year alone. The effects of this deficit on Cook County residents is sure to be felt in the years to come.
Although property taxes only made up approximately 13% of the Cook County revenue for FY2019, it is reasonable to assume that the shortfall in other revenues like sales taxes and amusement taxes will have a significant impact on property taxes in the County. The reporting last week noted that the projected shortfall did not factor in whether local residents will be able to afford the property tax bills they are set to receive this summer. A loss of property tax revenue would lead to even greater problems for Cook County.
However, a greater danger is that property taxes become a larger share of revenue for the County in light of losses elsewhere. If elected officials determine that property taxes are the only source of revenue they can rely on in these difficult times, that may mean a large increase in your property tax bill.
At Crane and Norcross, we remain ready to ensure that everyone pays only a fair share of their tax burden. If you have questions about this or any other issue related to your property taxes, please contact us at email@example.com or 312-726-9161.