The second installment of the 2024 Cook County property tax bills is set to be due on December 15. Bills will start mailing on November 14, a significant delay from the usual July mailing schedule. This delay follows a major overhaul of the county’s property tax computer system, as explained by Cook County Board President Toni Preckwinkle’s office.
Changes to Cook County Property Tax Schedule
Historically, the second installment of property tax bills arrives in July, with payments due in August. However, recent adjustments, including state legislation passed last month, have altered the timeline. The first installment of the 2025 property tax bills will not be due before April 1, which is approximately one month later than normal.
Support for Local Taxing Bodies
In light of these delays, Cook County has introduced a $300 million zero-interest “bridge loan” program. This initiative is designed to assist local taxing bodies in managing revenue shortfalls due to postponed property tax collections. County officials have indicated that over $20 million will be distributed to nearly 20 local jurisdictions through this program.
Property Owners and Payment Options
Cook County is home to approximately 1.8 million property owners. Payments can be made online at the Cook County Treasurer’s official website. It is important for property owners to meet the payment deadline, as failing to do so will incur a late fee of 0.75% per month.
Property Assessment Trends
The Cook County Assessor’s Office conducts property assessments every three years. They determine the market value of properties, which is then converted into assessed values. For residential properties, this assessed value is typically 10% of the market value, while for commercial properties, it is 25%.
For the year 2024, the total assessed property value in Chicago reached $50.8 billion. This reflects an increase of $9.5 billion, or 23%, compared to 2023. Notably, commercial property values rose more significantly than residential values, leading to a decrease in homeowners’ share of the tax base from 51% to 49%.
