How to Prepare for the Cook County Property Tax Second Installment 2023

If you own property in Cook County, Illinois, you probably know that you have to pay property taxes twice a year.

The first installment is due by March 1st and the second installment is due by December 1st. However, due to the COVID-19 pandemic and the overhaul of the technological system, the second installment bills for tax year 2022 are expected to be released by November 1, 2023.

This means that you will have less time to review your bill and make any necessary adjustments before the deadline.

In this post, we will explain what you need to know about the Cook County property tax second installment 2023 and how to prepare for it.

What is the Cook County Property Tax Second Installment?

The Cook County property tax second installment is the final bill that reflects your total tax liability for the year. It is calculated by subtracting the first installment payment from the total tax amount. The total tax amount is determined by multiplying your property’s assessed value by the tax rate and applying any exemptions or reductions that you are eligible for.

The assessed value of your property is based on the market value of similar properties in your area as of January 1st of the previous year. The tax rate is set by various taxing bodies, such as the county, the city, the school district, and other local agencies. The exemptions and reductions are based on various factors, such as your age, income, occupancy status, and home improvement projects.

The second installment bill also includes any interest or penalties that may have accrued due to late or missed payments of the first installment or previous years’ taxes.

Why is the Cook County Property Tax Second Installment Delayed?

The Cook County property tax system involves several processes and stakeholders to ensure that the bills are delivered efficiently and accurately. However, the COVID-19 pandemic has had a dramatic impact on the system’s operations and timelines. According to Cook County officials, some of the reasons for the delay include:

• The closure of government offices and reduced staff capacity due to health and safety protocols
• The disruption of data collection and verification processes due to remote work arrangements
• The implementation of a new Enterprise Resource Planning (ERP) system that integrates various functions and departments
• The need to accommodate changes in tax laws and policies due to federal and state relief programs

The officials have stated that they are working collaboratively to return the bill timelines to their regular schedule and keep the property owners informed of key dates.

How Does the Cook County Property Tax System Work?

The Cook County property tax system consists of five main steps:

1. Property Tax Base: The Assessor’s Office assesses all real estate located throughout the County and establishes a fair market value for each property. The assessment process takes place every three years for each township in Cook County.
2. Appeals: Property owners can appeal their assessments if they believe they are incorrect or unfair. Appeals are accepted and decisions reached by the Board of Review, an independent elected body that reviews assessment complaints. Appeals can also be filed with the Illinois Property Tax Appeal Board (PTAB) or in court.
3. Property Tax Rates: The Clerk’s Office determines the tax rates based on the levy ordinances passed by taxing agencies and applies them to the assessments received from the Assessor’s Office. The levy ordinances specify how much money each taxing agency needs to provide public services, such as education, health care, public safety, and infrastructure.
4. Billing and Payment: The Treasurer’s Office mails out property tax bills and collects the payments from property owners. The bills are usually sent out in two installments: one in February or March and one in July or August. The payments are due by March 1st and December 1st respectively.
5. Funding of Local Taxing Authorities: The Treasurer’s Office distributes the collected money to over 2200 local taxing agencies, including the County, cities, schools, and special districts. The money is used to fund various programs and projects that benefit the residents of Cook County.

How to Prepare for the Cook County Property Tax Second Installment 2023?

While you may not receive your second installment bill until November 1st, you can still take some steps to prepare for it and avoid any surprises or difficulties. Here are some tips to help you:

• Review your first installment bill and check for any errors or discrepancies. If you find any, contact the Cook County Assessor’s Office or the Cook County Board of Review to file an appeal or request a correction.
• Estimate your second installment amount by using online tools or calculators. You can also look at your previous years’ bills and compare them with your current assessed value and tax rate.
• Save money for your second installment payment by setting aside a portion of your income every month or creating a separate savings account. You can also explore payment options, such as online payments, credit cards, escrow accounts, or installment plans.
• Seek professional advice from a qualified real estate lawyer if you have any questions or concerns about your property tax bill or legal rights. A real estate lawyer can help you understand what does a real estate lawyer do?, such as reviewing your bill, filing appeals, applying for exemptions, negotiating with taxing bodies, or resolving disputes.
• Stay updated on the latest news and information about the Cook County property tax system by visiting their official website or following their social media accounts. You can also sign up for email alerts or notifications to receive your bill electronically.

Conclusion

The Cook County property tax second installment 2023 may be delayed due to various factors related to the COVID-19 pandemic and the system upgrade.

However, you can still prepare for it by reviewing your first installment bill, estimating your second installment amount, saving money for your payment, seeking professional advice from a real estate lawyer, and staying updated on the system’s status. By doing so, you can avoid any potential problems or penalties and pay your property taxes on time.