This report provides an in-depth look at the residential sales market in Cook County. While sales increased in the first three months of 2010, a substantial portion of that increase was attributable to foreclosure sales. More than one-third of all recorded sales in January, February and March were foreclosure sales, the report states. Rather than forming a single unified market, foreclosed properties constitute a separate market where sales occur at deep discounts, according to the report. In the first quarter of 2010, the median price on a foreclosure sale was just 45% of the property’s market value. While the number of overall sales continues to increase, that increase might not indicate an improving residential market, the report found.
This report details how completed foreclosures increased in Cook County during January, February and March of 2010, reaching new highs. At the same time, initial foreclosure filings which begin the foreclosure process declined fairly significantly. The pattern reflects the backlog of properties which have received an initial filing in recent years but had not yet been foreclosed upon. While declines in new filings for each property class represents a promising development, a substantial volume of property remains in the foreclosure pipeline.
This report shows foreclosures continuing to increase throughout Cook County in the fourth quarter of 2009, with foreclosure filings hitting a new high. During the period of October, November and December 2009, foreclosures showed their most significant increases in the south and west suburbs; increases continued at a somewhat slower pace in the north suburbs and the city of Chicago.
This report details how foreclosures soared during July, August and September of 2009 after a significant pause during the second quarter. Analysts from the Assessor’s Office attribute the second quarter slow-down in foreclosures to two pieces of legislation designed to prevent or delay foreclosures: The Illinois Homeowner Protection Act and the federal Making Home Affordable Program.
The purpose of this paper is to illustrate both the difficulties in determining the effectiveness of TIF and the importance of considering its costs and benefits as an economic development tool. After a brief introduction to TIF generally in all states and to the specifics of its application in Illinois, the paper goes on to discuss the mechanics of TIF operation in Cook County and Chicago, and how it interacts with the property tax system. We then offer a review of TIF districts in Chicago, including TIF revenues, expenditures and redevelopment activities.
This paper proposes to expand the current Illinois Circuit Breaker Program and provide property tax credits to up to 4.7 million households in Illinois. Under the model proposed in this paper, most households with an income below $91,244 (adjusted up or down by household size) will not have to pay more than 5 percent or 3.5 percent for seniors of their income in property taxes. Eligible renters as well as homeowners would receive relief.
This report details the findings of Major Assessment Jurisdiction Affordable Housing Survey conducted by the Cook County Assessor’s Office. The survey gathered information from major assessing jurisdictions concerning their data gathering and valuation procedures of affordable properties and whether those procedures were guided by state legislation, local ordinance, or internal policy.
In 2006, the Cook County Board of Commissioners asked the Assessor’s Office to gather data on tax-exempt hospitals with the goal of estimating their taxable value. After exhaustive research, the Assessor’s Office released this report in 2007. It outlines various methods that could be used to value the 54 tax-exempt hospitals in Cook County and calculates the approximate tax revenue from these properties were they to lose their exempt status. The report does not take a position on whether they should remain exempt.