Cook County Homeowners Facing Record Property Tax Increases Offered Partial Payment Option

HI INDIA NEWS DESK
CHICAGO, IL- Cook County homeowners burdened by record property tax bill hikes can make partial payments if unable to pay the full amount by the August 1 due date, Treasurer Maria Pappas announced today.

Acknowledging the difficulty many residents face, especially given the historic increases in the south and southwest suburbs, Pappas stated, “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. This option may be more manageable for homeowners and small businesses to pay over several months.”

However, late payments incur a monthly interest rate of 0.75%. Pappas led efforts in Springfield resulting in state legislation that reduced the monthly late penalty fee from 1.5% to 0.75%, effectively lowering the annual rate from 18% to 9%. This change took effect with 2023 tax bills due in 2024.

Properties with delinquencies are subject to the Annual Tax Sale, typically occurring about 13 months after the due date.

An analysis of Second Installment 2023 tax bills, mailed on July 2 to owners of nearly 1.8 million parcels, revealed:
• The median tax bill in the south and southwest suburbs increased by 19.9% from the previous year.

• Median tax bills soared by 30% or more in 15 south suburbs.

• 13 of the 15 suburbs with the highest increases have predominantly 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 August 1, they will lose their home, and that’s not the case.”