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Want to pay your property taxes early? Here's how.

Wednesday, December 04, 2019
Crain's Chicago Business
by Greg Hinz

For those who feel the need to pay ever more after taking care of their holiday bills, Cook County Treasurer Maria Pappas has a deal for you.

First-half property tax bills, which aren’t due to be paid in full until March 3, now can be downloaded. Doing so allows property owners to find out how big the bite will be, and if they prepay in 2019, potentially get a double deduction on upcoming federal income tax returns.

“By knowing now what the tax bill is, homeowners can decide whether to pay next year’s taxes before Dec. 31,” said Pappas.

The first-half bills are an estimate—specifically, 55 percent of the total for all of last year. Any changes due to reassessment or different tax rates will be reflected in the second-half bill, normally due in late summer.

To see your upcoming bill, click on this link and be ready to enter your address or property index number. Want to pay up? Have your bank account number handy. Partial payments can be made, but Pappas underlines that any amount due that's not paid by March 3 will be subject to a 1.5 percent monthly interest charge.

Under the new federal tax law, the maximum annual deduction for all state and local taxes (income, property, sales, etc.) is limited to $10,000 for most filers.

 



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