Recognizing the financial toll of the coronavirus and the pressing need to extend economic relief to area homeowners, Cook County Board President Toni Preckwinkle announced Wednesday plans to waive late fees on property tax payments.
“These are incredibly difficult times for our residents and this measure creates much-needed breathing room for Cook County property owners,” Preckwinkle said. “With residents and businesses facing so many challenges and difficulties because of the coronavirus, waiving late fees on property taxes is the right thing to do right now. This can keep residents in their homes and allow businesses much needed time to recover from the COVID-19 pandemic.”
Under the proposed relief ordinance, interest penalties for late payments of the second installment of property taxes, which are normally due Aug. 3, will now be postponed until Oct. 1.
Any payments made on or before Oct. 1 for property tax second installments will be considered filed and paid on time by Cook County Treasurer Maria Pappas. Under state law, late property tax payments are charged 1.5 percent of the total property taxes owed per month, which is collected by the Cook County Treasurer.
The Cook County Treasurer collects over $12 billion annually on behalf of over 2,200 jurisdictions that include all underlying municipalities, school districts, park districts, libraries and other taxing districts.
The property tax relief ordinance will be presented at the next full meeting of the Cook County Board of Commissioners scheduled for May 21.