Penalties reductions are about to take effect as property owners face a March 1 due date for 2023 First Installment tax bills, according to Cook County Treasurer Maria Pappas.
For those who are late paying their taxes due March 1, the interest rate penalty will drop from 18% a year to 9% a year. The monthly rate of interest charged on late taxes will fall from 1.5% to 0.75%.
“These interest rate cuts will help…
