Pappas: Local taxing bodies swamped with massive debt

June 21, 2011 8:38:15 PM PDT
Cook County Treasurer Maria Pappas says local taxing bodies in the county are swamped with a huge amount of debt.

For the first time, all taxing bodies in the county are now required to report debt including unfunded pension liabilities.

The total figure for agencies including towns, school and park districts and others is at least $108 billion and probably higher. That works out to more than $63,000 for every Chicago household and nearly $33,000 for each suburban household.

Debt has increased even though the average Cook County property tax has risen 120 percent in 13 years.

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