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 1st and September 1st. The taxes are levied and calculated in the spring with tax bills issued by the 1st of May, with two equal installments due the 1st business day of June and the first business day of September.
Typically Cook County’s 1st 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 2nd installment comes out, which is typically July-August, with payment due 30 days later.
As many will recall, the 2021 2nd 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 2nd installment bills, the 1st 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 3rd.
Further information can be found on each county’s treasurer’s website.
Written By: Joan Brady, Partner/Attorney