The Park Governments of Chicago 23 



IV. FINANCIAL MATTERS 



In 1909 the General Assembly of Illinois, as a means of 

 increasing the borrowing power of cities, changed the revenue 

 law so as to make the assessed value of property one-third of 

 the full value, instead of one-fifth. The tax rates of all local 

 taxing authorities were supposed to be changed to correspond, so 

 that the maximum tax levy of each municipality would be the 

 same under the new law as under the old. The only effect of 

 the modifications of the statute, the community was assured, was 

 to give larger borrowing powers. 



The inquiries conducted by the Bureau disclose that while 

 the tax rates of the city, county and other local governing author- 

 ities were modified so as to yield no more revenue under the 

 new assessed value than under the old, the Park Boards were 

 heavy gainers by the legislation. The tax rates of the South 

 Park Board were not changed at all, so that that body has the 

 right to levy the old rates against the higher assessed value of 

 property. 



Under authority of this new legislation, not intended for its 

 benefit at all, the South Park Board increased its tax levy for 

 1910 by approximately $400,000. The South Park Board, more- 

 over, is the only one of the local taxing bodies that suffers no 

 actual scaling under the Juul law, but gets the full amount which 

 it levies. 



Some of the tax rates of the West Park Board were modified 

 in connection with the legislation changing the assessed value of 

 property from one-fifth to one-third. Other rates of this body 

 were left untouched. Under these conditions the West Park 

 Board was enabled to increase its revenue from taxation for the 

 year 1909 by $407,581, or 33 1/3 per cent over what it secured 

 in 1908. The Lincoln Park Board, likewise, secured 36 per cent 

 more revenue in 1909 than it had in 1908 — an increase of 

 $281,015. The rates of the small park districts were not changed 

 to correspond with the bond legislation, so that these bodies, of 

 which there are now seven, may levy upon the one-third value 

 the rates intended to be applied to the one-fifth value. 



It was sharp practice on the part of all concerned to bring 



