Recognizing the financial impact of COVID-19, Cook County has announced a plan to waive late fees on property tax payments for residential and commercial owners. Under the ordinance, interest penalties for late payments of the second installment tax bills, which are normally due August 1, will now be postponed until October 1. Payments made on or before October 1 will be considered timely. Late property tax payments normally are charged 1.5% interest of the property taxes owed per month.
Although the payment deadline has been extended to October 1, Ryan recommends that property owners make payment no later than September 30. Statutory language allows for a 60-day delay in payment while still satisfying the Circuit Court specific objection filing requirement of timely payment. The 60-day delayed payment date would be September 30 based on the original payment deadline of August 1. Therefore, all property owners can pay by September 30, 2020 and preserve appellate appeal rights.
The experts at Ryan are in constant contact with the jurisdictions and monitoring trends and changes as a result of COVID-19. Continue to check our COVID-19 Updates site for the most recent developments.
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