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.
Partly Sunny then Slight Chance Showers And Thunderstorms
Latest News Stories
Walz appoints members to Operation Metro Surge ‘Truth Council’
$45M included in budget for previously unfunded property tax relief
Over one ton of cocaine seized at U.S.-Mexico tunnel bust
National security group urges Congress to investigate Airwallex ties to CCP
Open primary system debated as Californians go to polls
Illinois Quick Hits: Pritzker signs two bills
Elon Poll says 2 in 3 proud to be American and Signers would be disappointed
U.S. Supreme Court denies Florida request to sue over immigrant CDLs
Judge says federal rule blocks Illinois from banning ‘swipe fees’
Canadians, Brits stress U.S., Texas are key to shipbuilding
Tariff litigation expands as federal court weighs next move
Democrats dissatisfied by DOJ’s pause on ‘anti-weaponization fund’
