Gary H. Smith
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Are Property Tax Exemptions on the Way for Injured First Responders in Illinois?

The Illinois House is considering a Senate bill that would provide a homestead exemption for first responders who suffer major injuries on duty. What Senate Bill 15-72 Provides This new bill, Senate Bill 15-72 would create a $5,000 homestead exemption […]

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Skyrocketing Property Taxes Forcing Wicker Park Seniors to Move

Skyrocketing property taxes are nothing new to Cook County residents. The cumulative effect of years of high property taxes is causing residents to rethink remaining in homes even though they have completed mortgage payments. Exemptions No Help Gentrification is also […]

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Illinois: Still 2nd Highest Property Taxes in the Nation

There are many things that Illinois is known for, but one for which residents wish it wasn’t, was its high property taxes. And it has once again topped the list—ranking second behind New Jersey—on the list of highest property tax […]

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2021 Property Tax Predictions

City services are funded in a variety of ways, but two of the largest sources of income are property taxes and tax revenue from the businesses operating there. COVID-19 decreased the revenue provided from businesses impacting by the pandemic, so […]

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Recent Study Reveals Cook County Properties with the Largest Tax Increases

Cook County Treasurer Maria Pappas recently released a study that looked at 20 years of property tax history in Cook County and found that there has been a drastic increase over the last two decades. What the Study Shows Overall, […]

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Fundamental Misunderstandings of the Compound Nature of the Cook County Property Tax System May Cause Fundamental Property Tax Reform Miscalculations

Originally published in Tax Trends (September 2020, Vol. 64 No. 3) Summary Conclusion The impact upon the individual residential property owner’s tax bill of a non-Chicago property after a 100 percent increase to the taxes of all downtown Chicago commercial […]

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What Illinois Counties Are Doing to Help with Property Taxes During the Pandemic?

As Illinois continues to grapple with restrictions put in place to lower COVID-19 cases, property owners are preparing to receive their first tax bill for the new year. Several counties are taking different strategic approaches in 2021 to ease the economic strain […]

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COVID-Related Property Tax Relief: Here’s What You Need to Know

Cook County property owners received notice that they were receiving a pandemic-related tax break, but that might not translate into much savings on the property tax bill. Why Tax Break Might Not Impact Tax Bills In April 2020, Cook County […]

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Cook County Real Estate Taxes Are Out of Control

Cook County’s Treasurer Maria Pappas unveiled a report recently that shows that Cook County property taxes have doubled over the past two decades. Suburban Properties Take Biggest Hit “The Pappas Study” is an examination of the tax bills on 1.7 […]

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Did You Refinance Your Mortgage? Duplicate Property Taxes Paid in Cook County

In the rush to refinance mortgages to take advantage of historically low-interest rates, many Cook County property owners overpaid their second installment on property taxes. This is because some lenders had already paid the taxes, resulting in duplicate payments. Refunds […]

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