Chicago Public Schools Budget includes $130 Million in Added Property Tax Revenues
The Chicago Public School’s proposed budget for 2021 includes $3.2 billion in property tax revenue, a $130 million increase from last year, according to the Chicago Tribune.
The district’s property tax bite is an increase of 2.3%, the maximum allowed under the state’s tax cap law, which limits property tax hikes to the lower of 5% or the rate of inflation.
The proposed $8.4 billion budget, which also includes an anticipated infusion of federal assistance, will increase spending by more than half a billion dollars, the Tribune reports.
COVID-19 Adjustment will not Affect 2020 Levy
Schools typically take the biggest share of property tax revenues. In the suburbs, as much as 70% of the tax revenues can go to school budgets. For example, in the Village of Niles, the school district received 33.68 percent of tax revenues and the high school received 36.73 percent of revenues for the tax year 2019, according to a report by the Cook County Clerk.
Meanwhile, the Cook County Assessor’s intention to apply a COVID-19 downward adjustment to all properties for the tax year 2020 will not affect any levy. The result of across the board COVID-19 adjustments will likely be increased tax rates to cover the 2020 levy which has already been finalized.
It’s a Good Time to Check Your Assessment
With tax levies rising, even a small increase in the assessed value of your property can leave you with a significantly inflated tax bill year after year. At Kensington, we can prepare a free, no-obligation analysis of your tax bill that takes into account a review of comparable properties and shows you how much you could save by appealing.
Appealing your assessment every year is the only way to be sure that you are not paying more than you should be in property taxes.
Free Analysis to Determine if Your Property Assessment is Too High
At Kensington Research & Recovery, we have been providing tax relief for homeowners and businesses since 1999. We help over-assessed taxpayers reduce their burden and protect their investment through data analytics to make the strongest possible case for a reduced assessment. Our clients’ appeals have a 90% success rate and our clients pay nothing unless they receive a reduction in their assessment.
We have helped thousands of taxpayers save tens of thousands of dollars in property taxes. Don’t take chances on overpaying for what is probably the most important investment you will ever make. Give us a call or click on the link below to get started with your free analysis.