As we advised our clients in our May Newsletter, we had proposed that Cook County allow financially stressed taxpayers a penalty-free extension to pay their second installment tax bills in response to the COVID-19 crisis.
We are very pleased to announce that Cook County is expected to allow a 60-day waiver of any late fees. The proposal will delay the 1.5% interest rate charged each month after the August 3 deadline for second installment tax bills. In essence, this means any payments made by October 1 would be considered on time, allowing financially stressed taxpayers an additional 60 days to pay their property taxes. This proposal is expected to be voted on and passed at the Cook County Board of Commissioners’ next meeting on May 21.
Please be aware that property owners who make monthly payments into an escrow account held by their mortgage company will likely still have their taxes paid by the August 3 deadline. You should contact your escrow agent directly if you wish to address this payment.
At the Law Offices of Gary H. Smith, P.C., we are fully committed to advocating for tax relief for property owners, especially during these financially challenging times of the COVID-19 crisis. Our office is pleased the Cook County Board of Commissioners appears prepared to address some of these immediate financial strains for taxpayers.