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.
Showers And Thunderstorms then Mostly Cloudy
Latest News Stories
Illinois quick hits: US Steel reopening Granite City furnace; unemployment down slightly
WATCH: Gun ban with SCOTUS; ICE enforcement pushback; End of life options bill with gov
Park Board Advances Tax Levy Plan and Sets Public Hearing for November
U.S. Supreme Court takes up Michigan foreclosure case
Grand jury declines to re-indict Letitia James
U.S. Supreme Court upholds Texas’ new congressional maps
In last four years, five northern states saw most illegal crossings
Report: Hegseth violated multiple protocols and federal law in ‘Signalgate’
Illinois quick hits: Another attack on CTA passenger; plaintiffs move to dismiss their ICE use of force case
Some push for FDA approval of psychedelic treatments for veterans
WATCH: Pritzker: ‘No’ to state taxpayer-funded guaranteed income
WATCH: IL congresswoman willing to withhold highway dollars over CDL issues
