Cook County Unveils Tool to Calculate Property’s Government Debt
Cook County property owners for the first time can find out what portion of local government debt falls on them, courtesy of an online tool created by Cook County Treasurer Maria Pappas. It’s accessible by clicking here.
“Most reports identify government debt as an amount per person,” Pappas said. “My latest study takes a more targeted approach by showing debt in relation to each property in Cook County.”
For example, the tool reveals that Willis Tower carries local government debt of nearly $289 million, or 41.5% of the tower’s $697-million value. A Riverdale house carries $31,800 in local debt, equal to 48% of its $67,000 value. And a house in Hodgkins has $127,400 in debt, equal to 25.7% of its $496,000 value.In contrast, the debt on properties in more affluent, lower-tax areas, like Barrington Hills and Winnetka, falls below 10% of the value of the properties.