UPDATED July 19th

From The Office Of Treasurer Maria Pappas

Homeowners have option if they are unable to pay tax bill in full by Aug. 1 due date

Cook County homeowners hit by record property tax bill hikes have the option of making partial payments if they are unable to pay their bill in full by the Aug. 1 due date, Treasurer Maria Pappas said today.

The Treasurer’s Office realizes people can’t always come up with the money in time, especially given the historic property tax increases this year in the south and southwest suburbs. If you can’t come up with all the money by Aug. 1, there is another option available to you.

“Instead of trying to come up with the full amount my office accepts and encourages partial payments for current taxes to ease the burden of paying the full amount at once,” Pappas said. “This option may be more manageable for homeowners and small businesses to pay over several months.”

However, late payments are charged a monthly interest rate of 0.75%. Pappas spearheaded efforts in Springfield that led to state legislation that cut the monthly late penalty fee from 1.5% to .75%, or, in other words, from 18% a year to 9% a year. The change took effect with 2023 tax bills due in 2024.

Properties with delinquencies are subject to the Annual Tax Sale, which historically occurs about 13 months after the due date.

A Treasurer’s Office analysis of Second Installment 2023 tax bills mailed July 2 to owners of nearly 1.8 million parcels showed:

• The median tax bill in the south and southwest suburbs increased 19.9% from a year earlier;
• Median tax bills soared by 30% or more in 15 south suburbs;
• 13 of the 15 suburbs with the highest increases have mostly Black populations.

“These increases are hitting households with senior citizens and others who did not budget for such large increases and who do not have the full amount on hand to pay their tax bill,” Pappas said. “Distraught homeowners are under the impression that if they don’t pay their tax bill by Aug. 1 that they will lose their home and that’s not the case,” Pappas said.

Visit cookcountytreasurer.com to learn more.

ORIGINAL POST

Owners Should Have Received Letters From The County Assessor’s Office

These show your present 2022 and 2023 assessed value, versus what it’s been increased to for the 2024 tax year. Keep in mind, this will not impact the taxes you are charged for this year. This change will be reflected on your tax bills in 2025. Cook County taxes are paid in arrears, so what you are paying this year is for 2023 and next year will be for 2024.

As previously posted, the PTCA Board approved to appeal the triennial assessed valuations in February, and that appeal is underway. The Association’s tax attorney reported recently that we should be able to expect results of that appeal in 7 to 8 months. Since the first tax bill each year is always half of what the prior years total was, that means the valuations will not impact the 1st installment spring bill in 2025. So, whatever assessed valuation reduction our attorney is able to achieve should be reflected in time for the 2nd installment in the fall of 2025.

Being realistic, property values have gone up pretty sharply in the past two years. It is my educated opinion that they will secure some reduction, but certainly not back to the 2023 level. Therefore, Owners should prepare for a substantial increase in the actual dollar amount to be paid in coming years.

Want to learn more about the basics of your tax bills?

Property Tax Handbook – Understanding Property Taxes And Assessments

The law firm of Worsek and Vihon, LLP put together a Property Tax Handbook, which they shared with the team at The Habitat Company, who shared it with us for Unit Owners.

Property Tax Handbook – By Worsek and Vihon LLP

This guide helps taxpayers understand the basics of the tax bills. It explains the Triennial Tax reassessment cycle and the appeals process, and walks readers through the terms used and the numbers found on the Cook County tax bills Owners receive twice per year. Incidentally, the PTCA Board is currently appealing the triennial reassessments on behalf of all Owners.