Cook County officials delivered welcome news to Chicagoland homeowners with their decision to delay late payment penalties on property taxes due this summer.
Local officials announced May 13 that property owners will have until October 1, 2020 to pay their second-installment tax bills—which would have originally been due August 3, 2020. The Cook County Board of Commissioners meets May 21, when it is expected to pass this measure. Both County President Toni Preckwinkle and County Treasure Maria Pappas have been working together to push this resolution through for area homeowners. While the payment deadline itself has not been extended, interest fees for late payments will be waived until October 1, allowing property owners struggling financially during the pandemic more time to pay without additional fees.
It is likely that this extension will only impact homeowners who pay their property tax bills separately from their mortgages. Homeowners who escrow their property taxes with their lender will have their payments disbursed to the county for the August 3 due date. Not sure if you escrow your property taxes? A recent statement from your lender will have the information you need to confirm whether this extension applies to you.
Surrounding counties have also taken action to offer homeowners some relief. Lake County taxpayers can defer half of their payments for up to 60 days, while DuPage County has waived late fees for property owners who can demonstrate financial hardship and delayed interest penalties for the first installment of taxes until September 1.