Taxation
General Assembly Approves Essential Agenda Legislation During COVID-Shortened Spring Session
General Assembly Approves Essential Agenda Legislation During COVID-Shortened Spring Session By Curt Fiedler, Morrill & Fiedler, LLC The Illinois General Assembly met in a COVID-19 shortened legislative session over a four-day period May 20 through 23 – negotiating and advancing “essential” legislation during that four-day period that normally takes more than three months to accomplish. …
Read MoreIllinois General Assembly Passes FY 21 Budget and Adjourns After COVID-19 Shortened Spring Session
Illinois General Assembly Passes FY 21 Budget and Adjourns After COVID-19 Shortened Spring Session May 26, 2020 The Illinois General Assembly has concluded the Spring session which was interrupted by the COVID-19 pandemic. Following a marathon session day to pass a full year FY21 operations and capital budget and take action on “session agenda”…
Read MoreCook County Announces Property Tax Relief for County Property Owners
Cook County Announces Property Tax Relief for County Property Owners May 13, 2020 On May 13, Cook County Board President Toni Preckwinkle announced plans to waive late fees on property tax payments. Under the proposed ordinance, interest penalties for late payments of the second installment of property taxes, which are normally due August 3, will…
Read MoreCity of Chicago Defers Tax Payment Due Dates to June 1 for Business Community
City of Chicago Defers Tax Payment Due Dates to June 1 for Business Community April 16, 2020 Mayor Lori E. Lightfoot and the Department of Finance announced on Thursday, April 16 that the City of Chicago will be offering additional financial relief for the business community impacted by COVID-19 by further extending tax payment…
Read MoreAssessor Kaegi’s Office Suspends Assessment Notice Mailings and Deadlines
Assessor Kaegi’s Office Suspends Assessment Notice Mailings and Deadlines March 20, 2020 Effective March 19, 2020, Assessor Kaegi announced the temporary suspension of assessment notice mailings and appeal deadlines. This suspension will remain in place until further notice while the office remains closed to the public. Customer service via phone is currently unavailable. Property…
Read MoreBOMA/Chicago Continues to Oppose Data Modernization Bill
BOMA/Chicago Continues to Oppose Data Modernization Bill March 11, 2020 At the urging of BOMA/Chicago members and their building tenants, BOMA/Chicago successfully opposed Senate Bill (SB) 1379 during last year’s legislative session. The legislation, sponsored by Cook County Assessor Fritz Kaegi, would have required commercial properties to submit income and expense data annually. BOMA/Chicago teamed…
Read MoreRequest for Voluntary Data from the Assessor’s Office
Request for Voluntary Data from the Assessor’s Office February 28, 2020 You may have received a letter from Assessor Fritz Kaegi’s office asking you to voluntarily submit data about your property’s income, expenses and vacancies using the Assessor’s new Real Property Income and Expense (RPIE) online tool. Submission of this data through RPIA is not mandatory. We…
Read MoreIllinois Imposes New State Parking Excise Tax and Collection Process
Illinois Imposes New State Parking Excise Tax and Collection Process February 25, 2020 Effective January 1, 2020, operators of parking areas, spaces, and garages are required to collect and remit a new state Parking Excise Tax which was passed by the Illinois General Assembly last year. This new tax is based on the purchase…
Read MoreTick-Tock Goes the Property Tax Clock
Tick-Tock Goes the Property Tax Clock By Michael Cornicelli, Executive Vice President, BOMA/Chicago One of the more eye-catching headlines I have seen in the last month or so came from Joe Cahill at Crain’s Chicago Business, and it read, “Defuse the property tax bomb.” How appropriate given the extensive sparks flying around the issue of increasing property taxes. Expressing…
Read MoreIllinois House Majority Leader Greg Harris Meets with BOMA/Chicago Board
Illinois House Majority Leader Greg Harris Meets with BOMA/Chicago Board July 23, 2019 BOMA/Chicago welcomed Illinois House Majority Leader Greg Harris at our July Board of Directors meeting. Leader Harris provided a legislative update on energy, tax and state budget issues and Board member shared market insights and concerns. In This Section Board of DirectorsStaffMember DirectoryNewsMedia CoverageFor…
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