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
Govt. shutdown leads to over 800 flights cancelled, number growing
Illinois approves $1.5B transit package, funding for long-delayed projects
JJC Receives Surprise $1.9 Million from IRS Employee Retention Credit
Supreme Court allows Trump to withhold partial SNAP payment
Illinois quick hits: State EPA looks to fund EV charging stations; Tax Foundation says mayor’s proposal would hinder employment;
Federal Lobbyists Brief Will County on Government Shutdown, Warn of SNAP and TSA Disruptions
Frankfort Board Approves Final Plats for Crystal Brook and Copper Creek Subdivisions
Commission Approves Mokena-Area Garage Variance Over Village’s Objection
Will County Committee Advances Gougar Road Bridge Project with Over $540,000 in Agreements
JJC Receives Surprise $1.9 Million from IRS Employee Retention Credit
JJC Advances ERP Modernization with New Vendor and Two-Year Budget
Park District Reviews Emergency Response After Frankfort Square Shelter-in-Place
