COOK COUNTY 2020 FIRST INSTALLMENT TAX BILLS ARE NOW AVAILABLE
Please note that the First Installment of the 2020 real estate tax bill is now due on March 2, 2021, with the application of late charges moved back to May 3, 2021. As usual, the 2020 first installment bill is based solely upon 55% of the prior year’s (2019) tax bill. Thus, even if you have received a reduced 2020 assessed valuation due to our efforts or due to the Assessor’s COVID-19 cuts, the first installment tax bill will NOT be reduced. Any reduction will ultimately be reflected in the 2020 second installment bills which will be due on August 2, 2021 with the application of late charges moved back to October 1, 2021.
We are often asked if given the COVID-19 crisis and associated economic impact if real estate tax rates will fall. Given that there are three variables in a tax bill (assessed value, multiplier and tax rate) the fact that one variable falls will not necessarily mean that the final bill will be lower as it also depends on what occurs with the other variables. At this point, it is hard to predict future tax rates in the City of Chicago and surrounding suburbs, but given the fact that many residential properties received reductions in assessed value of around 8%-12%, it is logical to assume that tax rates will likely rise to account for these cuts and for the multitude of relief granted on commercial properties such as hotels and retail establishments.
We will continue to keep you updated as we obtain information.