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"Fritz" Frederick Kaegi - Public School Funding

As Cook County assessor, Fritz Kaegi discussed the property assessment process, which begins the path toward determining property tax bills (January/July), which provides local funding to suburban Cook County and Chicago Public Schools. Topics covered include training requirements for assessors, the timetable for property assessments, the role of the Board of Review, the reasons for equalization, property tax exemption (TIFS), different types of property (commercial, industrial, residential, farmland, etc), and coordination with the county clerk and county treasurer for the property tax cycle. Kaegi also discussed the differences in Illinois law regarding the property tax/assessment for Cook County compared to the other 101 Illinois Counties.