Cook County First Installment Property Taxes Will Now Be 55% of Prior Year (Rather than 50%)
August 18, 2009
By: Ares G. Dalianis
Yesterday Governor Quinn signed Senate Bill 2125 into law providing for accelerated payment of first installment taxes in Cook County. Historically, the first installment of property taxes in Cook County has been an estimated amount based on 50% of the prior year taxes. The second installment has reflected the balance of the actual amount due once assessments are finalized by the Board of Review, the equalization factor is set by the Illinois Department of Revenue, and tax rates are calculated by the County Clerk. Beginning March 1, 2010 in Cook County, the amount due for the first installment of property taxes will be 55% of the prior year taxes paid. You can review the full text of S.B. 2125 (now Public Act 96-490) by clicking here.
While the full effect of P.A. 96-490 is not yet known, Cook County school districts may see a one-time boost in revenue received before the close of the 2009-10 fiscal year on June 30, 2010. This new legislation may also have an immediate impact on the school district budgeting process, depending upon your district's approved method of accounting and recording of early taxes. If you would like to discuss this legislative change or any other aspects of the property tax system, please contact Paul A. Millichap, Ares G. Dalianis, Michael J. Hernandez, or Scott R. Metcalf.
More Information
- Ares G. Dalianis
agd@franczek.com
312.786.6163 - Michael J. Hernandez
mjh@franczek.com
312.786.6124 - Scott R. Metcalf
srm@franczek.com
312.786.6104 - Paul A. Millichap
pam@franczek.com
312.786.6101