Cook County residents pay real estate taxes in two installments. The first installment is due March, the second September. Because March is too early in the year to know what the amounts will be, property owners pay an amount equal to 50% of the prior years real estate taxes. Then any decrease or increase is paid by adjusting the second installment.
In case you did not know - last year the law was changed. Your first installment bills are on their way and you may already have received them. This year you are now going to be paying 55% of the prior years taxes for your first installment. The second installment will be adjustment for the right amount once your taxes have been calculated. it is not going to increase the taxes more than they are already - just the percentage you pay for your installlments. i.e. 55% and 45% instead of 50% and 50%.
Why are they doing this? My understanding is simply cash flow.
What about Lake County? I feel our tax installments are handled better. We don't pay until June and September and we pay 50% and 50% the amount on the bill which is not sent out until the county knows what the taxes will be. Much less confusing.
Corinne Guest
Realtor & Managing Broker
Royal Advocate Realty, Barrington
Call today 847-363-3686 for real estate and relocation service.
Suburban Real Estate - Lake Zurich, Hawthorn Woods, Kildeer, Long Grove
Corinne: Great post and "heads-up" for those effected by this tax payment change. I am sure that there are many that were not aware of this. Hopefully this article helps to avoid alot of confusion ... and a few heart attacks when opening the first installment bills! It also was very helpful that you included the message that it does not effect the overall amount of the bill, just the division of what is due on each installment. Clearly a message that needed to be reiterated ...
Thanks again ....
Thanks Gene, it's amazing what slips by us sometimes.