Cook County and Collar Counties

It is that time of year in Chicago and the Collar counties when real estate taxes become a hot topic. As most Illinois homeowners are aware, Illinois calculates and pays real estate taxes one year in arrears. In 2023, we will be paying tax bills for the 2022 tax year. Assessed values for properties are established on either a quadrennial (4-year) reassessment (Collar counties) or a triennial (3-year) reassessment cycle (Cook County.

Outside of Cook County, real estate taxes are levied and collected every year generally between May 1^st and September 1^st. The taxes are levied and calculated in the spring with tax bills issued by the 1^st of May, with two equal installments due the 1^st business day of June and the first business day of September.

Typically Cook County’s 1^st installment is due the first business day in March. It is calculated at 55% of the prior year’s tax bill. Cook County then does all of the levies and tax calculations before the 2^nd installment comes out, which is typically July-August, with payment due 30 days later.

As many will recall, the 2021 2^nd installment tax bills, were not issued until October-November and with payment due by the end of December 2022.  Because of this delay in the 2021 2^nd installment bills, the 1^st installment of the 2022 Cook County real estate tax due date has been extended to April 3, 2023. The first installment tax bills are available and can be paid at any time prior to April 3^rd.

Further information can be found on each county’s treasurer’s website.

Written By: Joan Brady, Partner/Attorney