Local taxes are a major source of income for the government of Chicago, Illinois. These taxes include the municipal utility tax, Chicago sales tax, transactional taxes, transportation taxes, recreational taxes, and business taxes. The state of Illinois also collects revenue from a variety of sources, such as grants from the federal government for joint programs like Medicaid, education, and transportation. According to a report by the Comptroller's Office, Illinois received an A- grade and a numerical score of 93 for its transparency with respect to state spending.
Property taxes in Illinois are among the highest in the country, and when total state and local taxes are added together, Illinois residents are the fifth-highest-paying in the nation. The Illinois state legislature has taken several steps to manage the state's finances in recent years. This includes introducing or passing budget and finance bills to ensure fiscal responsibility. Ballotpedia has tracked these legislative initiatives related to state and local budget and financial issues in Illinois.
The government of Chicago, Illinois relies heavily on local taxes to generate revenue. This includes taxes on utilities, sales, transactions, transportation, recreation, and businesses. Additionally, the state receives grants from the federal government for joint programs such as Medicaid, education, and transportation. Illinois is known for having some of the highest property taxes in the country.
When combined with other state and local taxes, Illinois residents are among the top five highest-paying taxpayers in the nation. To ensure fiscal responsibility and transparency with respect to state spending, the Illinois state legislature has passed several budget and finance bills in recent years. Ballotpedia has tracked these legislative initiatives related to budget and financial issues in Illinois.