Chicago-Area Homeowners To Get A Break On Property Taxes
Cook County’s recent decision to delay property tax late fees is welcome news for area homeowners who have been financially impacted by COVID-19.
On May 13th, local officials announced that property owners will essentially have until Oct. 1 to pay their second-installment tax bills, which would normally be due Aug. 3. The measure is expected to pass when the Cook County Board of Commissioners meets on May 21. While the payment deadline itself has not been extended, interest fees for late payments will be waived until Oct. 1, helping alleviate some financial strain.
The extension will likely only impact homeowners who pay their property tax bills separately from their mortgage payments. Homeowners who automatically escrow property taxes when making their monthly mortgage payment won’t be affected. Tax bills for those owners will be paid on time from the escrow account. If you’re not sure if you escrow your property taxes, look at your statement from your mortgage servicer.
Other Chicago-area counties have taken similar action to provide some relief to homeowners.
- Lake County taxpayers can defer half of their payments for up to 60 days. Click here for details.
- DuPage County has waived late fees for property owners who can demonstrate financial hardship amid the pandemic. Interest penalties for the first installment of taxes will be delayed until Sept. 1. More information and the application can be found here.
- Kane County residents now have until July 1 to pay their first installment without penalty, giving them an extra 30 days. Learn more here.
- McHenry County is waiving late fees for the first installment of taxes for a period of 90 days, meaning residents now have until Sept. 15 to make their payments. Click here for details.
Leave a Comment