In 2021, the Cook County Assessor’s Office implemented a new data system to replace its mainframe computer. This implementation has caused long delays in the triennial reassessment of real estate values in the city of Chicago. As a result, the process of transmitting the final 2021 assessment data from the Assessor’s Office to the Cook County Board of Review, as well as the appeal process, is months behind schedule. The 2021 appeal process needs to be concluded at the Board of Review before the second installment for 2021, paid in 2022 (“2021/pay 2022”), property tax bills can be issued.
Typically, second-installment property tax bills are issued in late June and due by August 1; however, given the delays outlined above, the experts at Ryan anticipate that the second-installment 2021/pay 2022 property tax bills may not be issued until Q4 2022 or possibly Q1 2023. The first-installment tax bills, which are estimated bills calculated at 55% of the total prior year’s tax bill, are usually issued in January and due by March 1 of the following year. As a result of the delays, it is possible that the second-installment 2021/pay 2022 property tax bills and the first installment for 2022, which is paid in 2023, could both be due in a short window.
The experts at Ryan will continue to monitor this issue and provide updates to our clients. We encourage property owners to reach out to our local experts with questions.
TECHNICAL INFORMATION CONTACTS:
Michael Abbatemarco
Principal
Ryan
312.980.1145
michael.abbatemarco@ryan.com
Shawn King
Principal
Ryan
312.980.1127
shawn.king@ryan.com
John Minogue
Principal
Ryan
312.980.1168
john.minogue@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.