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Hutchinson teaming with assessor on reforms to property tax system

With property tax bills continuing to climb, Sen. Toi Hutchinson (D-Chicago Heights) is working with newly elected Cook County Assessor Fritz Kaegi on a set of reforms to Illinois’ antiquated property tax system.
 
Hutchinson introduced Senate Bill 1379, a comprehensive set of reforms to Cook County’s property tax system. It passed out of the Senate Revenue Committee without opposition. Hutchinson has vowed to continue working with stakeholders in the weeks ahead before calling the proposal for a final vote.
 
The bill would improve data collection by giving the county assessor’s office the ability to collect operating income and expense data to more accurately deliver property assessments. The change would bring Cook County and Illinois in line with professional practices in other states and cities, including Washington D.C., Boston and Seattle.

“Anyone who owns property in Illinois understands how outdated and regressive our property tax system is,” Hutchinson said. “It is something we all know and discuss, but have done little to address. This proposal would take a meaningful step forward to increase accuracy and transparency for Illinois taxpayers.”
 

“This legislation is the single most important legislative step for reform of our property tax system,” Kaegi said. “It would put Cook County and Illinois on par with other leading business centers in the United States against whom we compete for jobs and talent. 

“With one straightforward law, Springfield can decrease risks and costs to real estate participants while boosting transparency, creating valuable market data and improving our state’s investment climate and reputation,” he said.

While the proposal would primarily apply to Cook County, all Illinois counties would have the ability to adopt the requirements.

 

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