Since tax season is upon us, and because of some recent developments in my local community, I have some questions about Illinois property tax caps.
Specifically, we just received an updated assessment this past year, and we now know our property taxes will be increasing about 25%. However, I read in the local paper that some of our government taxing bodies (library and school district ) will actually be getting less tax revenue this year, because of tax caps.
This doesn’t make sense. Either (a) the statement is not true, or (b) somebody holds on to the additional money collected from me but not dispersed to the taxing bodies because of the caps. If (b) is true, who holds the money, and what is eventually done with it? If (a) is true, what is the real story?
Thanks!
-Art