Read Bill to See Where Taxes Go, Including for TIFs, Pappas Says
CHICAGO, July 1, 2014 /PRNewswire-USNewswire/ -- Cook County Treasurer Maria Pappas said today that property owners would be receiving bills that show where their tax dollars are going, including for the first time how much of a payment is for a Tax Increment Financing District.
"It takes a little study, but if you read your bill you will have a better understanding of what's behind it," said Pappas, whose office this week mailed bills for the Second Installment of Tax Year 2013, with a due date of August 1, 2014.
Bills carry taxes from seven to 20 local governments – taxing districts – and show how much owed goes to each. These bills now will show how much of the amount owed will go to a TIF, a taxing district which receives revenues for a fund to finance development. About 220,000 of Cook County's nearly 1.8 million bills will include TIF data.
The four general categories listed on each bill are:
- Miscellaneous Taxes
- School Taxes
- Municipal-township Taxes
- Cook County Taxes
"Within these categories are listed the specific taxing districts – municipalities, schools, public safety, parks, libraries and others – that levy taxes on your home, business or land," Pappas said, adding that TIF information would be listed under "Municipal-township Taxes."
"The TIF information is a major step forward for transparency," Pappas said. "If government taxes your property, you should know why."
To avoid late interest of 1.5 percent per month, on-time payment can be made:
- Online at cookcountytreasurer.com
- At more than 400 Chase Bank locations across Illinois
- From an account at more than 200 participating community banks
- By mail with a U.S. postmark no later than August 1, 2014
Pappas said further information is on her website at cookcountytreasurer.com.
SOURCE Cook County Treasurer's Office
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