Chicago’s Emanuel won’t rule out property tax as pension problem looms

Mayor Rahm Emanuel  defended his failed attempt to ease pension payments bearing down on the Chicago Public Schools and did not rule out increases in property taxes or class sizes after coming up empty-handed.

The surprise bill rejected by the Illinois General Assembly would have extended for two more years a so-called pension “holiday” that allowed CPS to pay just $196 million into the teachers’ retirement fund this year.

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Illinois House of Reps puts their house before yours

The Illinois House rejected a proposal Friday that would have blocked local governments from raising property taxes in years when property values go down.

The measure  fell 17 votes short of the 60 needed for passage. It would have forbidden governments that operate under property tax cap rules from collecting an automatic increase if their assessed value declines.

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Homeowners taxes rise, commercial taxes drop

Illinois homeowners continue to take a beating – their property taxes have risen again while the share of property taxes paid by commercial and industrial property owners shrank.

A Daily Herald analysis of Illinois Department of Revenue records showed that the Cook county proportion paid by homeowners increased 11.3 in the last 10 years, from 1001 to 2010, and DuPage county increased by 4.6 percentage points in the same time period. And worse yet, taxes paid to Illinois’ 6,000-plus units of government rose nearly $9 billion over the same decade!

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