Late Second Installment Cook County Tax Bills

Many property owners will be happy to know that this year’s second installment property tax bills will be significantly delayed in reaching your mailboxes. The second installment tax bills are typically due by August 1st, but some officials say the payment deadline can be as late as December 2022 or even January 2023. Keep in mind that first installment tax bills come out February 1st. So, it’s possible that property owners will pay two tax bills within a month of each other.

While many property owners will be happy to hold on to their money a few months longer, school districts and other taxing bodies are frustrated that they may not be able to meet their financial obligations since they count on these tax dollars to fund their schools and government programs.

What do taxing bodies do when they can’t pay their bills? They borrow money and pay interest on that money. This borrowing and interest can impact future taxes paid by property owners.

These delays are being blamed on Cook County Assessor Fritz Kaegi’s implementation of a new county integrated property tax system. The old system did not link the Assessor, Board of Review, Cook County Treasurer and Cook County Clerk systems and data. Most agree that the previous system was very antiquated and needed to be replaced. The question is whether the new system should have been proven before it was implemented.

Hopefully, this will be a one-time event and things will go back to normal after the new property tax system has all of its glitches out. In the meantime, you should plan ahead for the new future property tax bill deadlines.