It's October! Where are the Cook County property tax bills? If you pay the bill directly, you may have been wondering if they forgot you. They didn't.
It's not just you. The bills for the second installment of Cook County property taxes (generally due August 1) have not been finalized yet. Earlier this year, we expected tax bills to be sent by the end of June and due by August 1. Then the Treasurer's office announced that they'd be due October 1. As of today, they are still working on it.The latest update is that Cook County will mail the bills early enough so you can pay them by December 31st and claim deductions on your 2022 State and Federal Income Tax returns.
4 reasons to brace yourself for this bill
1. The City of Chicago increased its tax levy (the total of property tax revenue to be collected from all Chicago property owners).
2. All City of Chicago properties were reassessed in 2021.
This impacts your property's assessed value on your tax bills for this and the next two years (they are assessed every three years). We can and should expect significant tax increases as a result.
3. Second installment bills tend to be higher than the first in reassessment years.
By law, first installment tax bills are limited to 55% of the previous year. That means the second installment will cover any increases.
4. Your next tax bill will come due VERY soon afterwards.
The 2022 1st installment bills will come out February 1st and, as usual, will be due March 1st That gives leaves only three or so months between installments.
1. The City of Chicago increased its tax levy (the total of property tax revenue to be collected from all Chicago property owners).
2. All City of Chicago properties were reassessed in 2021.
This impacts your property's assessed value on your tax bills for this and the next two years (they are assessed every three years). We can and should expect significant tax increases as a result.
3. Second installment bills tend to be higher than the first in reassessment years.
By law, first installment tax bills are limited to 55% of the previous year. That means the second installment will cover any increases.
4. Your next tax bill will come due VERY soon afterwards.
The 2022 1st installment bills will come out February 1st and, as usual, will be due March 1st That gives leaves only three or so months between installments.
What if you pay via escrow?
Your lender should be on top of this, so you likely don't need to do anything. Yet. But know that your current escrow balance might not cover the tax bill increase.
Your lender may reach out and ask you to put more money into the tax escrow. Your monthly payments will certainly go up in anticipation of larger bills next year too.
What can you do to (hopefully) lower your property tax bill?
Stay on top of your eligible exemptions and file any appropriate appeals. You don't need to hire an attorney to do either of these things, although plenty of firms will help you with appeals.
Your lender should be on top of this, so you likely don't need to do anything. Yet. But know that your current escrow balance might not cover the tax bill increase.
Your lender may reach out and ask you to put more money into the tax escrow. Your monthly payments will certainly go up in anticipation of larger bills next year too.
What can you do to (hopefully) lower your property tax bill?
Stay on top of your eligible exemptions and file any appropriate appeals. You don't need to hire an attorney to do either of these things, although plenty of firms will help you with appeals.