Nearly $2 billion in Cook County property taxes shifted from businesses to low-income homeowners, study finds
A study from the Cook County Treasurer's Office found nearly $2 billion in property taxes shifted from county businesses to the lowest income homeowners over just three years.
The study found property tax assessment appeals submitted by businesses in Cook County caused their collective tax bill to drop by $3.3 billion, while residential tax bills went up $1.9 billion.
The study also found the additional tax burden on homeowners fell mainly on low-income Black and Latin homeowners who make less than $50,000 a year, who contested their assessed values at a much lower rate than wealthier white homeowners.
Cook County Treasurer Maria Pappas said she has found that most homeowners are overwhelmed by the daily tasks in their lives and so taking actions like appealing your property assessment or taxes are simply not on their radar.
Pappas' office said the study suggests current efforts by the Assessor's Office and the Board of Review to standardize their methodology and share date could lead to fewer and smaller small business assessment reductions which could, in turn, reduce the shifts in the tax burden onto low-income homeowners.
Her office also suggests outreach to low-income homeowners so they have the knowledge and tools to appeal their assessments.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Boston Globe
2 hours ago
- Boston Globe
It's time to tax the wealthiest and invest in a Rhode Island that works for all of us
Get Rhode Map A weekday briefing from veteran Rhode Island reporters, focused on the things that matter most in the Ocean State. Enter Email Sign Up We reject the tired, misleading narratives pushed by opponents like the Advertisement 'Taxing the 1% is the fair thing to do. Rhode Island's economy is growing; everyone should pay their fair share for the growth and economic well-being of our state,' says Vennicia Kingston, a member of RIBBA and CEO of Eagle Eye Construction in Johnston, R.I. Advertisement Meanwhile, the wealthiest among us often benefit from tax loopholes and wealth management strategies that lower their effective tax rates well below what most working families pay. Many high-income earners receive income through pass-through entities, investments, and capital gains — all taxed at lower rates than the wages earned by small business owners and everyday Rhode Islanders. According to the — a clear sign of a regressive and inequitable system. It's time to fix that. The revenue from this proposal would directly support the critical services that create a strong, thriving economy: education, child care, health care, transportation, housing, and senior care. These investments are not just social goods, they are economic multipliers that benefit everyone, including the business community. Let's also reject the fear-based claim that wealthy residents will According to the Economic Progress Institute's 2024 Rhode Island Standard of Need 68 percent of single adults, 78 percent of single parents with two children, and 34 percent of two-parent households with two children cannot afford to meet their basic needs without public assistance. That is not sustainable. That is not fair, and is not a Rhode Island where we want to live. Advertisement RIBBA works every day to close the racial wealth gap, and we see firsthand how tax and budget decisions shape economic opportunities. When we underfund the services that help families thrive, it's Black, Brown, immigrant, and working-class Rhode Islanders who pay the price. That's why this legislation is about more than revenue — it's about justice, equity, and building a Rhode Island where everyone has a chance to succeed. 'This is much needed legislation. We at MAAT Future believe that what is fair is fair. Rhode Island should be proud and begin to move faster and progressively with the times,' state Mike and Tamara Tardy, members of RIBBA and owners of R.I.-based MAAT Future, LLC. We urge the General Assembly to pass H-5473/S-0329. Let's stop balancing our state budget on the backs of those who can least afford it, and start asking those who've benefited the most to contribute their fair share. The people are ready. The evidence is clear. The time is now. Let's tax the 1 percent — and reinvest in the 99 percent. Lisa Ranglin is the president and CEO of RIBBA, a nonprofit that works to advance opportunities for Rhode Island businesses and career professionals.
Black America Web
6 hours ago
- Black America Web
Target Loses $12 Billion —Biggest Boycott Since Montgomery Bus Protest
Source: Bettmann / Getty In what's being widely recognized as the most impactful Black-led boycott since the Montgomery Bus Boycott of the 1950s, Target has suffered a staggering $12 billion loss in market value. The ripple effects were swift: stock prices tumbled, and the company's CEO saw his salary slashed by nearly half. And it all started with a unified community refusing to spend. At the heart of this movement is a renewed focus on economic justice and buying power, led by Black organizers and everyday consumers who decided enough was enough. The digital front lines were powered by platforms like @miiriya_, a Black-owned marketplace app that promotes shopping from Black businesses and creators. Their viral posts and grassroots messaging helped ignite a widespread movement calling for economic withdrawal from companies perceived to be failing the Black community—Target being a key focus. This boycott didn't just trend—it translated into billions of dollars in real economic consequence. While Target has yet to release a full statement addressing the financial fallout, the damage is already done. More importantly, the message has been delivered: Black consumers are not to be overlooked or taken for granted. The comparisons to the Montgomery Bus Boycott are more than symbolic. That historic protest lasted over a year and reshaped American civil rights. Today's version happened in a digital world, but the strategy is rooted in the same core principle: collective financial action leads to real accountability. The success of this boycott is a blueprint for future organizing. It shows that through tech, social platforms, and intentional spending, Black economic power can shift markets. It also highlights the importance of supporting Black-owned alternatives like Miiriya, which not only gives consumers a place to shop with purpose but also reinforces a vision for long-term community sustainability. RELATED: Target Messed Around And Found Out, Reports 1st Quarter Sales Slump SEE ALSO Target Loses $12 Billion —Biggest Boycott Since Montgomery Bus Protest was originally published on Black America Web Featured Video CLOSE
Yahoo
9 hours ago
- Yahoo
MercadoLibre expands free shipping in top market Brazil amid rising competition
By Patricia Vilas Boas SAO PAULO (Reuters) -Latin American e-commerce giant MercadoLibre is expanding free shipping in its main market Brazil, it said on Friday, a move expected to be costly but which the company hopes will drive sales higher amid fierce competition. MercadoLibre, Latin's America most valuable company by market cap, earns more than 50% of its e-commerce revenues in Brazil, where it competes with Amazon and Sea's Shopee, and more recently with players like Temu. MercadoLibre said sales of 19 reais ($3.40) or more are now exempt from shipping fees in Brazil, from a minimum of 79 reais ($14.15) previously. "Practically the entire site will have free shipping from now on," the head of MercadoLibre's e-commerce operations in Brazil, Fernando Yunes, told journalists. He said the financial impact will be absorbed by the company, although he did not give an estimate on the scale of the costs of the expanded free shipping. MercadoLibre confirmed it has been cutting shipping costs for the companies and people selling on its platform in Brazil by up to 40% since late May, a move that had been noted by analysts. "The increased shipping discount targets a price range of products close to where Shopee seems to be gaining traction," analysts at Itau BBA said in a May 22 report to clients. ($1 = 5.5845 reais) Sign in to access your portfolio
