Understanding your Tax Bill

<div class="body"><p>For family budgeting purposes, Cook County residences are always asking when their property tax bill is due. The Cook County Treasurer bills annual property taxes in two installments.</p><p>Cook County has adopted the use of an “accelerated billing” method for collection. Under this system the first installment of property taxes is 55 percent of the previous year’s tax bill and is mailed by January 31 with a due date of March 1. Since the first installment math is straightforward and simple to calculate, the Treasurer’s has been publishing the 1st installment to their website since December.</p><p>The second installment is prepared and mailed by June 30 with the balance due August 1. All adjustments such as changes to the assessed value, tax rate and applied exemptions are made on the second installment. "For comprehensive calculation of tax bills link"</p><p>If taxes are not paid by the due date, the taxes are deemed delinquent. The property owner must pay a 1.5% interest penalty on the amount due for each month that the payment is late.</p><p>Collection rates for property taxes are very high because taxes constitute a first lien on real estate and most delinquent tax liabilities are sold at annual tax sales.</p><p>The Cook County Treasurer distributes tax revenues to taxing districts year-round as tax payments are received.</p></div>