Not all neighborhoods are bearing the tax burden equally: In one largely Latino area, the median residential tax bill grew by more than $2,200.
gave local taxing bodies across Illinois the ability to recover refunds they issued to property owners due to property overassessments, shifting the cost onto the rest of taxpayers. Rather than taxing bodies chalking up refunds awarded to taxpayers as a loss, that amount is incorporated in future bills.
As a result of the recapture law, tax bills across Cook County rose by an additional $131 million, the treasurer’s analysis said. CPS is slated to recoup $32.3 million, the Metropolitan Water Reclamation District will get $7.5 million and the Chicago Park District will get $3.1 million.The impact of tax increment financing districts, or TIFs, came into “stark relief” this year, the study found. The city of Chicago has 131 such districts.
All told, the total billed in Chicago TIFs was $1.2 billion, an increase of nearly $141 million, according to the report.
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