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Posted on August 12, 2023August 12, 2023 By Ray Hanania No Comments on Maria Pappas applauds passage of historic property tax reform law cutting the interest on late taxes
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Maria Pappas applauds passage of historic property tax reform law cutting the interest on late taxes

Illinois Gov. J.B. Pritzker on Friday signed into law historic reforms to fix long-standing racial inequities and abuses in the state’s property tax system spotlighted in two studies issued last year by Cook County Treasurer Maria Pappas.

Pappas’ property tax equity legislation will help Cook County property owners who fall behind on their taxes by slashing in half interest rates on late payments — from 18% to 9% per year.

The reduction will save homeowners and businesses $25 million to $35 million a year, with most savings realized in Black and Latino communities.

The reforms, the state’s most significant changes to its property tax code in decades, also were backed by the Chicago Community Trust, one of the nation’s oldest and largest community foundations.

Cook County Treasurer Maria Pappas. Photo courtesy of the Cook County government
Cook County Treasurer Maria Pappas. Photo courtesy of the Cook County government

“We applaud Governor Pritzker for signing this sweeping bill into law,” Pappas said.

 

“We expect this law will rebalance the property tax system in favor of residents and local governments. It’s a step toward greater equity and will prevent millions of dollars of generational wealth from being stripped from Black and Latino communities.”

In addition to cutting the interest rate, the new law:

  • • Permits counties to use new tools to put chronically tax delinquent properties into the hands of municipalities, local developers and nonprofit organizations so the properties may be more quickly rehabilitated.
  • • Closes loopholes that have allowed tax buyers — mostly hedge funds, private equity firms and lawyers — to drain $40 million each year from governments serving mostly Black and Latino residents.

“We thank the Chicago Community Trust for partnering with us both to craft the legislation and to ensure its passage,” Pappas said. “Cook County Board President Toni Preckwinkle’s support helped make this possible. Senator Ram Villivalam and Representative Kam Buckner were instrumental as original sponsors of the legislation and in guiding it through the General Assembly. It was a total team effort.”

Pappas’ office began drafting the legislation following the release of two studies by her research team, “How Wealthy Investors are Making Millions Exploiting Illinois’ Property Tax Law” and “Maps of Inequality.”

You can read those studies at www.cookcountytreasurer.com.

The new law is to take effect Jan. 1.

newswire info
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Ray Hanania
Ray Hanania
Ray Hanania is an award-winning columnist, author & former Chicago City Hall reporter (1977-1992). A veteran who served during the Vietnam War and the recipient of four SPJ Peter Lisagor Awards for column writing, Hanania writes weekly opinion columns on mainstream American & Chicagoland topics for the Southwest News-Herald, Des Plaines Valley News, the Regional News, The Reporter Newspapers, and Suburban Chicagoland.  

His award winning columns can be found at www.HANANIA.COM Subscribe FREE today

Hanania also writes about Middle East issues for the Arab News, and The Arab Daily News criticizing government policies in the Israeli-Palestinian conflict.

Hanania was named "Best Ethnic American Columnist" by the New America Media in November 2007, and is the 2009 recipient of the SPJ National Sigma Delta Chi Award for column writing.

Email Ray Hanania at [email protected].

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Cook County, News, Suburban Chicagoland, Taxes Tags:cut tax on late tax interest in half, penalty reduced, property taxes, reducing taxes, state law

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