Overview
- The Cook County Treasurer’s office released a report on May 26 that estimates the Chicago Bears could save about $39 million a year in property taxes under HB910, totaling more than $1.5 billion over 40 years.
- HB910, which passed the Illinois House and now sits in the state Senate, would let developers freeze assessed property values for 25 to 45 years and instead negotiate long-term Payments In Lieu Of Taxes, or PILOTs.
- The treasurer’s analysis warns those negotiated PILOTs may not cover higher costs for schools and other local services and says the bill could erode the broader property-tax base that funds education and municipal needs.
- Supporters and lead negotiators dispute the study’s assumptions and argue a negotiated payment is preferable to no project, while lawmakers face a May 31 deadline and the Bears weigh an alternative offer from Hammond, Indiana.
- Homeowners would see little direct relief under current language, the report notes, and the bill’s rules could extend similar tax certainty to other large developments, amplifying long-term fiscal risks for local governments.