Cook County offers loans after latest tax bill delays
(The Center Square) – The latest delay in property tax billing by Cook County is expected to cost local governments.
Cook County Board President Toni Preckwinkle said the next round of tax bills would be about two months late.
Preckwinkle said the county’s property tax bridge fund was reintroduced at Thursday’s board meeting to help local governments deal with the resulting gap in cash flow.
“The program will make available up to $300 million in no-interest loans to eligible taxing districts,” Preckwinkle said.
Oak Lawn Mayor Terry Vorderer said the county property tax provides about $5 million to his village’s $80 million budget.
“While it has an impact, it isn’t going to put us out of business,” Vorderer told The Center Square.
Vorderer said the bridge loan helped Oak Lawn during a previous tax payment delay.
This is the third time Cook County has offered the program in response to delays in the property tax cycle.
Chicago Alderman Brendan Reilly said previous delays have been costly.
“Local taxing bodies like suburban school districts and municipalities are going to be waiting months for revenues they need for operations. They had to go out and take payday-style gap loans to keep the lights on and that’s costing school districts over $120 million in interest,” Reilly told The Center Square.
Reilly said Cook County’s $30 million deal with Tyler Technologies to upgrade the tax billing system is a failure.
“And now 11 years later and millions in cost overruns later, we see these tax bills coming out months late,” Reilly told The Center Square.
Legislation requiring the county to reimburse taxing districts for interest lost and debts incurred did not advance during the General Assembly’s spring session.
House Bill 5241, filed by state Rep. Anthony DeLuca, D-Chicago Heights, and Senate Bill 3638, filed by state Sen. Kimberly Lightford, D-Maywood, did not move out of committee before the legislature adjourned on June 1.
Sunny
Latest News Stories
Allstate can’t delete class action over alleged secret app tracking
Chicago voters view housing affordability as bigger issue than crime
New Illinois gun bill aims at glock switches; critics say it misses the real problem
Illinois quick hits: Cook County spends nearly $20 million on food, housing services; Chicago Teachers Union tells teachers, students to skip school; Russell Dickerson to play Du Quoin State Fair
Will County Officials Warn of Zoom Court Scam Targeting Defendants for Fraudulent Dismissal Fees
Illinois quick hits: Services Saturday for teen killed by line drive
Critics concerned seizure detection bill impacts Illinois’ small businesses
CTA security enhancement plan follows federal push, complaints
Lawyers who specialize in suing Chicago cops seek special prosecutor to go after ICE
Will Land Use Committee Evaluates Multi-Million Dollar Buyout for Flooded Harris Drive Homes
Behavioral Health Division Drops Wait Times, Reports Zero Opioid Deaths in February
Harris Drive Residents Plead for County Intervention Amid Failing Septic Systems and Flooding
Will County Sheriff’s Office Investigates Fatal Hit-and-Run in Homer Glen
