CHICAGO, July 16,
2024 /PRNewswire/ -- 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.
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SOURCE Cook County Treasurer Maria
Pappas