Par Shawn M. King
Recognizing the financial impact of COVID-19, Cook County has announced a plan to waive late fees on property tax payments for residential and commercial owners. Under the ordinance, interest penalties for late payments of the second installment tax bills, which are normally due August 1, will now be postponed until October 1. Payments made on or before October 1 will be considered timely. Late property tax payments normally are charged 1.5% interest of the property taxes owed per month.
Although the payment deadline has been extended to October 1, Ryan recommends that property owners make payment no later than September 30. Statutory language allows for a 60-day delay in payment while still satisfying the Circuit Court specific objection filing requirement of timely payment. The 60-day delayed payment date would be September 30 based on the original payment deadline of August 1. Therefore, all property owners can pay by September 30, 2020 and preserve appellate appeal rights.
The experts at Ryan are in constant contact with the jurisdictions and monitoring trends and changes as a result of COVID-19. Continue to check our COVID-19 Updates site for the most recent developments.
TECHNICAL INFORMATION CONTACTS:
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at firstname.lastname@example.org.