Preckwinkle Introduces Change to Parking Tax
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.