Kane & Co.
Cook County Assessor Kaegi Promotes Legislation to Require Submission of Income and Expense Data
Following up on a campaign promise, Assessor Kaegi is promoting House Bill 2217 (see below), sponsored by Representative William Davis, to require disclosure of income and expense data for all income producing properties, including properties with no income but “owned for generating income”. Properties excluded from the annual filing requirements include:
(1) properties with an assessed value of $100,000 or less from the prior year;
(2) residential properties with six or fewer dwelling units; and
(3) properties assessed as farms.
Taxpayers failing to comply SHALL pay a penalty. Penalties range from 2% of assessed value if filing more than 60 days late, an additional 2.5% of assessed value for filing more than 120 days late, and forfeiture of right to appeal assessed value. Speak up, what do you think?