Our real estate tax team at Rock Fusco & Connelly, LLC continues to work hard fighting to keep your property tax bills as low as possible. Below are key updates on the 2021 and 2022 sessions.
Cook County: 2021: After four months of working overtime all summer to adjudicate more than 250,000 property tax appeals that were delayed four months from the Assessor’s Office, the Board of Review will finally close out the 2021 session in October – at which point the County will need about 30 days to equalize all results and determine the new tax rates for every city, town, and village.
The long overdue second installment bills will not be mailed out until November or December, with a Dec. 31 due date. We are stressing to all our Cook County clients to make sure you pay your second installment property tax bills by Dec. 31, 2022 𝘢𝘵 𝘵𝘩𝘦 𝘷𝘦𝘳𝘺 𝘭𝘢𝘵𝘦𝘴𝘵 to make sure you can utilize your full State And Local Tax (SALT) deduction (up to $10,000) for the 2022 calendar year.
Meanwhile, Mayor Lori Lightfoot unveiled a proposed $16.6 billion 2023 budget for the City of Chicago and with the city at least temporarily flush with cash – along with the looming mayoral election in five months – Mayor Lightfoot chose to scrap any inflation-tied property tax increase next year: https://bit.ly/3UWBL6w. While this will not affect your individual assessment (pending your appeal result), this means that city residents will not see an increase in the Chicago property tax levy.
2022: The northern Cook County suburbs are up for reassessment this year. As such, those in Barrington, Elk Grove, Evanston, Hanover, Leyden, Maine, New Trier, Niles, Northfield, Norwood Park, Palatine, Schaumburg, and Wheeling townships should be on the lookout for assessment notices from the Assessor’s Office.
The first eleven northern townships are out: Barrington, Elk Grove, Evanston, Hanover, Leyden, Maine, New Trier, Northfield, Norwood Park, Palatine, and Schaumburg. We advise anyone who has suffered from vacancy issues over the past year to make sure to document attempts to lease the vacant space, tenant concessions, deferred rents, photographs of the vacancy, and projections for a path to stabilization.
Collar Counties: 2022:
DuPage County: Notices have gone out and deadlines are coming up for the following townships:
9/16:
Naperville (10/17 due date)
York (10/17 due date)
Lake County has released their entire schedule for 2022 with publication and due dates: https://bit.ly/3HpxW3t.
Kane County: Notices have gone out and deadlines are coming up for the following townships:
9/16:
Elgin (10/17 due date)
Rutland (10/17 due date)
McHenry County: Notices have gone out and deadlines are coming up for the following townships:
9/14:
Hartland (10/14 due date)
9/26:
McHenry (10/26 due date)
10/3:
Nunda (11/2 due date)
Will County has released their entire schedule for 2022 with publication and due dates: https://bit.ly/3AC7vEH.
Rock Fusco & Connelly, LLC is here to serve all your property tax needs from appeals to exemptions to incentives. Please do not hesitate to contact us with any questions or requests.