Cook County Treasurer Applauds Step Towards Equity in Tax System

“We expect this law will re-balance 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,” said Cook County Treasurer Maria Pappas, lauding the groundbreaking reforms signed into law by Illinois Governor J.B. Pritzker.

Historical racial inequities in Illinois’ property tax system have been a cause for concern. Highlighted by two seminal studies from Treasurer Maria Pappas, these issues propelled the state to introspection and ultimately, to significant action. The recent signing of this legislation by Gov. J.B. Pritzker marks a decisive step towards addressing these disparities.

Central to Pappas’s equity-driven legislation is the relief extended to Cook County property owners burdened by overdue taxes. Slashing interest rates from a hefty 18% to a more manageable 9%, this move promises annual savings in the ballpark of $25 million to $35 million. It’s a financial reprieve set to make its most significant impact within the Black and Latino communities.

This isn’t just another piece of legislation. It signifies the most profound restructuring of Illinois’ property tax code in decades. The reforms have earned the endorsement of the esteemed Chicago Community Trust.

Beyond cutting interest, the legislation paves the way for quicker rehabilitation of persistently tax delinquent properties. By doing so, it hands the reins back to local municipalities, developers, and nonprofits. Crucially, it plugs the legal loopholes that had permitted tax buyers, largely hedge funds and attorneys, to drain roughly $40 million each year from Black and Latino-run governments.

The legislation’s journey saw robust collaboration. Pappas acknowledged the invaluable role of the Chicago Community Trust, Cook County Board President Toni Preckwinkle, and legislative champions Senator Ram Villivalam and Representative Kam Buckner.

As the sun dawns on a rejuvenated Illinois property tax landscape, the reforms encapsulate more than procedural adjustments. They manifest a renewed state pledge to correct long-standing racial imbalances, carving a path forward underscored by fairness and equity.

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