Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

 - Attorneys practicing in and around the Chicagoland area. Experienced in the practice areas of Real Estate Law, Mortgage Foreclosure Defense Litigation, Social Security Disability, Business Law, & Estate Law.

Pritzker Dismisses Proposal By Property Tax Relief Task Force

illinois property tax relief

In this post, we review a new proposal by the property tax task force and the ongoing tax issue in Illinois.

Governor J.B. Pritzker, has dismissed a proposal floated by the Illinois property tax relief task force to increase the Illinois sales tax to help fund public schools.

Pritzker said of the idea “That’s not something that I am supportive of; I think there are other ways for us to go about it.”

 

Illinois Property Tax Task Force

Property tax bills Kane & DuPage CountyThe idea for an increased sales tax was included in a draft report from the 88-member property tax relief task panel.

Two task force subcommittees, chaired by the governor’s fellow Democrats, endorsed the idea of expanding the sales tax while reducing the property tax rate.

“I don’t think we can have a realistic conversation about property tax relief without addressing the need to diversify the education funding revenue stream.” said task force chairman Representative Sam Yingling.

 

Graduated Income Tax Proposal

Governor Pritzker is in favor of changing the Illinois flat-rate income tax to a graduated income tax rate. The current flat-rate income tax rate is enshrined in the Illinois state constitution.

The Illinois Fair Tax is a proposed amendment to the state constitution that would change the state income tax system from a flat tax to a graduated income tax.

The graduated income tax proposal will be on the November 2020 election ballot in Illinois.

 

Property Taxes in Illinois

Illinois has second highest property taxes in nationA study by realtor.com determined that Illinois has second-highest property taxes in the nation.

The Illinois statewide average effective tax rate is 2.32%, nearly double the national average.

Governor Pritzker has promised to deliver tax relief to property owners in Illinois.

The issue has gone on without a solution for decades in Illinois with neither party being able to find a solution.

 

Other Property Tax Relief Ideas

Other ideas have been proposed besides expanding sales taxes to provide property tax relief.

New sate revenue from legal adult-use cannabis and a recommitment of 100% of Illinois Lottery revenues to schools have been proposed by St. Charles Republican Sen. Don DeWitte.

The nonpartisan budget watchdog group the Civic Federation has advocated for an expansion of the sales tax to other services combined with limiting state spending and taxing retirement income.

House Republican Leader Jim Durkin stated, “For a state that is so in need of property tax reform, the Democrats have instead proposed tax increases.”

 

We will have a clearer idea of the potential solutions after we have seen the results of the November ballot initiative for the Graduated Income Tax.

 

Article Source: https://www.chicagotribune.com/politics/ct-illinois-property-tax-task-force-20200111-pwbldyzyt5afpjdm3catlklnwu-story.html


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


 

2019 Cook County Property Tax Due Dates in 2020

Cook County Property Tax Due Dates 2019 2020

When are Cook County 2019 property taxes due in 2020?

The due date for the first installment of your 2019 tax year property taxes is Wednesday, March 3, 2020.

  • In Cook County, the due date for the First Installment property taxes is always the first business day in March.
  • According to Illinois law, the First Installment taxes are 55% of the prior year’s total tax (or 55% of the adjusted tax if an assessment certificate of error is certified by the previous November 30).

Your Cook County property tax bill was made available online on December 3, 2019

Cook County SealEven if you have not received your paper bill yet, you can still make a payment online at the Cook County Treasurer website.

There has been a high number of requests from property owners and tax advisors for earlier tax bills and payments.

You are urged to consult with a tax professional about possible tax deductions if you pay before the end of the year.

Related: Real Estate Tax Exemptions in Cook County

 

When are 2018 delinquent property taxes sold at auction?

Unpaid property tax bills from 2018 and due in 2019 will be sold at the 2018 Annual Tax Sale, which begins May 8, 2020. More info

 

Pay Your Cook County Property Taxes Online

The first installment property tax bill has been posted at cookcountytreasurer.com.

You can find your tax bill at https://cookcountytreasurer.com/setsearchparameters.aspx by using your address or 14-digit property index number.

  • Make a payment
  • See if a refund is available
  • Download a copy of your tax bill
  • Sign up to receive tax bills by email
  • Find out if your delinquent taxes have been sold

Make an online payment

 

Pay Your Cook County Property Tax Bill at Chase Bank

Chase Bank logoYou may pay your property tax bill at any of the Chase Bank locations in Illinois, including those located outside of Cook County.

You must present with your payment a tax bill payment coupon for the current Tax Year 2018 (payable in 2019).

Your check MUST include:

  • Property Index Number (PIN)
  • Taxpayer Name
  • Property Location, including Unit Number
  • Mailing Address
  • Telephone Number
  • Email Address
  • Tax Year/Installment

 

Pay Your Cook County Property Tax Bill at Your Local Community Bank

Participating community banks allow you to pay your property tax bill at their bank if you have an account there.

You can pay by direct debit from your checking or savings account.

Visit the bank and bring your entire original tax bill. You will receive a paper receipt.

View a list of banks where you can pay Cook County property taxes

 

Receive Your Tax Bill by Email

Enroll in eBilling and your next tax bill will be delivered via email.

  • The bills are sent by administrator@cookcountytreasurer.com. Add that email to your address book or change your spam filters to ensure delivery.
  • The paper bill will stop coming to your mailbox.
  • If you change your email address, you must update your account with your new address.
  • If wish to return to paper billing, log into your account and unsubscribe.
  • For more information, visit Research a Topic section.

 

Below is a list of other Cook County property tax related pages online available to the public.

You can find information regarding your payment status, money owed by your taxing district, pension and healthcare amounts owed, information on previous years’ taxes and more.

Cook County Taxes – Related Links:

Cook County Treasurer’s Office

Cook County, Illinois Property Tax Portal

Check Your Payment Status or Make an Online Payment

Understanding Your Tax Bill

Information about Prior Year Property Taxes

View Your Taxing Districts’ Financial Statements and Disclosures

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


How Much Is 2020 Social Security Benefit Going Up?

Social Security Card

Public Domain image by Social Security Administration

In this post, we discuss the changes to social security benefits for 2020, how they are calculated, and how much benefits will increase.

The Social Security Administration has released the new maximum benefit rates for the year 2020.

Some of the numbers may surprise you in how much they differ depending on the age at which you claim your benefits.

 

How to Get Maximum Security Benefits

The maximum Social Security benefits change from year to year.

The maximum benefit will be based on factors such as inflation and changes in the earnings taken into account for Social Security payroll taxation.

To receive the maximum Social Security benefit, the Social Security Association assumes that a worker will have earned the maximum wage base amount each year since turning 22, thus having a work history of 35 years or more.

The maximum amounts will be calculated at four different ages: 62, 65, 66, and 70.

 

Let’s look at how the maximum benefit will be calculated in 2020:

View the entire story as reported in The Motley Fool

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides estate law services including estate planningliving trustprobatesocial security disability, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090


Trustees Pass New Carol Stream Property Tax

Carol Stream property tax

Public domain photo via pxhere.com

In this post, we discuss how the village trustees of Carol Stream has passed the first village property tax there in decades.

 

As reported in The Daily Herald, the residents of Carol Stream will be paying a village property tax for the first time in over 40 years.

On Monday, November 18, 2019, the village trustees voted unanimously to establish a municipal property tax.

 

This new tax will cost the average homeowner in Carol Stream $232 annually.

property tax assessments

Image used with CC BY 2.0 license. Photo by DonkeyHotey

The $232 annual property tax is based on the value of a home worth $231,400. This is the average home value in Carol Stream.

The new tax is expected to raise $232 million annually in property taxes to the village, starting in May 2020.

 

Why the new tax?

Officials for the village said that the tax was necessary because of the shift of shoppers to buying online has caused the amount of money collected in sales taxes to fall 6.6% in 2017 and 2.4% in 2018.

The village needed a new funding source to make up for the loss in sales tax revenue in order to pay for rising police pension costs and a five-year infrastructure plan.

Financial planners and city officials said this was the best way to create a new funding source.

Others argued against the tax increase, saying they were already overburdened with taxes and that the new tax would hurt most those who could least afford an increase, such as renters and those on fixed incomes.

The new property tax passed unanimously.

mortgage rates going up after presidential election

Read more about this story:

First Carol Stream property tax in decades will cost average homeowner $232 a year – The Daily Herald

Will Carol Stream finally have to levy a property tax? Forums to be held – The Daily Herald

Pension costs force suburban Illinois village to weigh new property taxes – Illinois Policy

Analysis: Carol Stream pays property taxes two times national average – Illinois Policy


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090

 

15-Year Anniversary Holiday Savings for Brokers and Clients

15 Year Anniversary Special for Brokers and Clients

 

In celebration of our 15-Year Anniversary, we are pleased to pass on some holiday saving to our valued Brokers/Clients.

 

From now 11/12/19 – 12/31/19 our fees:

Real Estate Sales – $300

Purchases – $395

* Pertains to new contracts only and not short sales.

 

CALL (630) 858-0090

EMAIL: fausett@fausettlaw.com

 


* Advertising Material: To the extent that the information in this post is interpreted as attorney advertising in accordance with the Illinois Rules of Professional Conduct or within the meaning of state bar rules from all other localities, this statement is made pursuant to those rules.

Specialties: Specialization claims are prohibited by Illinois Supreme Court Rules and we do not claim to be specialists. The content of this e-mail is organized and presented for the sole purpose of general information. None of the included content should be construed as legal advice. Viewing this e-mail or e-mailing the account holder does not create an attorney-client relationship. NOTICE: This page may be considered advertising material.


 

The Law Offices of Lora Fausett P.C. provides real estate law services including loan modificationsbuying and selling legal assistanceshort sales and deeds in lieumortgage foreclosure defense, and more.

Located in Glen Ellyn, Illinois and serving clients in DuPageCookKane, Will, and Kendall Counties.

For Information Call 630-858-0090