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Cook County homeowners can make partial payments toward tax bill
Homeowners in Cook County were hit with record property tax hikes. Cook County Treasurer Maria Pappas joined Good Day Chicago to explain how property owners can make partial payments toward their upcoming bills.
COOK COUNTY, Ill. - Cook County homeowners struggling to pay record-high property tax bills won't need to break the bank come the Aug. 1 due date.
Homeowners can make partial payments if they can't pay their bills in full, Cook County Treasurer Maria Pappas said.
Pappas acknowledged that residents have been faced with significant tax increases, particularly in the south and southwest suburbs. The median tax bill in those areas jumped nearly 20% compared to last year, with some bills soaring over 30%.
"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."
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The partial payment option may ease the burden of paying the full amount by Aug. 1. However, late payments will accrue a monthly interest rate of 0.75%. Pappas previously advocated for legislation that reduced the late penalty fee from 1.5% to 0.75%, offering some financial relief.
Owners who fail to pay any money towards their tax bills could eventually enter the Annual Tax Sale process, typically occurring about 13 months after the due date.
Pappas emphasized that failing to pay by Aug. 1 does not result in immediate property loss.
"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," she said.
Cook County residents can visit the Cook County Treasurer's website for more information and resources.