Cook County property owners could soon see extended property tax grace periods, according to a recent request from County Treasurer Maria Pappas. The proposed measure would allow homeowners to pay their upcoming property taxes up to 60 days late without interest or additional penalties. This could come as welcome news for Chicago homeowners, as the City Council recently approved a $94 million property tax levy as a part of Mayor Lori Lightfoot’s new budget. This increase would go into effect for 2021, with the bills arriving in 2022.
With payments coming up for 2021—March 1 and August 1, respectively—Pappas’ formal request would potentially alleviate the financial burden caused by COVID-19 on many residents across the county. This system has already been implemented in Cook County, with more than 200,000 homeowners leverage this grace period to pay their second tax installment. Board approval is expected before the end of the year.
Read more about the property tax grace period on the Crain’s Chicago Business website now.