On May 8, 2013, Cook County Board President Toni Preckwinkle introduced an amendment that would lower the rate for many individuals who park in garages and lots.
After a change in state law, the County and the City of Chicago are able to implement a percentage-based rate, rather than a tiered structure. The County plans to impose a flat, 8.5% tax rate on parking garage fees.
“Changing the way we tax garage parking will allow more residents to pay less, while asking those who have premium service parking to pay a little more,” President Preckwinkle said. “This change will benefit taxpayers and parking garage operators without negatively impacting tourism here in Cook County.”
Exemptions for residents of a municipality of greater than 250,000 people will remain in place for those who pay $2.00 or less over a 24-hour period, $10.00 or less weekly and $40.00 or less monthly. Exemptions for residents of a municipality of 250,000 people or fewer will remain in place for those who pay $3.00 or less over a 24-hour period, $15.00 or less weekly and $60.00 or less monthly.
The County anticipates $42.6 million in revenue in 2013, which is unchanged from projections under the current tiered system.
If approved, the new rates will take effect July 1.