Today, County Clerk David Orr announced that for the first time Cook County property tax bills will provide information on how much each property owners is being billed for in controversial special taxing districts that can be found all over the city and suburbs. According to the Chicago Tribune, about 12 percent of county taxpayers own property that is in a tax increment financing district. Those districts are set up by the city and suburbs to divert money into funds to spend on economic development. Critics contend many municipalities, including Chicago, have turned them into slush funds to pay for pet projects. Information on how much money is going into the TIF fund will be included in the second installment of property tax bills that are due Aug. 1, and will be in the mail soon. Property owners can expect higher bills, which is due primarily to increases from Chicago Public Schools, the Chicago Park District and the Metropolitan Water Reclamation District. Chicago property owners will pay nearly $4.3 billion in taxes this year, and the city expects about $375.9 million to flow into 151 TIF districts across the city.
For the full article from the Chicago Tribune, click here.