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Real Estate Tax Relief to Illinois Businesses and Homeowners

May 12, 2020

UPDATE: Cook County Property Owners Take Notice

On May 13, 2020 we released an article illustrating Cook County Board President, Toni Preckwinkle’s, intent to present to the County Board an ordinance which would waive the assessment of interest and late fees for late payment of real estate taxes through October 1, 2020. As predicted, the County Board approved the ordinance during its meeting on May 21st.

With the ordinance now in place, although the payment deadline for 2019 second installment real estate tax bills is still August 3, 2020, Cook County property owners are now afforded a two month grace period, through October 1, 2020, to pay their 2019 second installment real estate tax bills without incurring interest and late fees.

Additionally, the Illinois Department of Revenue announced today that the 2019 property tax equalization factor for Cook County is 2.9160. Despite the fact that the Cook County Assessor expressed an intention to lower property taxes, the 2019 property tax equalization factor is almost identical to the 2018 factor which was 2.9109.

For more information contact the experienced attorneys at Rock Fusco & Connelly, LLC. We can be reached via email at info@rfclaw.com, or by telephone at (312) 494-1000.

UPDATE: Real Estate Tax Relief to Illinois Businesses and Homeowners

It is undeniable that the repercussions of the COVID-19 pandemic have left many families and businesses in a state of financial uncertainty. As a result, many counties are extending real estate tax payment deadlines, waiving interest penalties for late payments, and adjusting property values to provide businesses and homeowners relief and flexibility during these uncertain times.

The DuPage County Board has authorized the County Treasurer to waive late fees on property tax payments for taxpayers who can demonstrate financial hardship due to the COVID-19 pandemic. Interest penalties for late payments of 2019 first installment property taxes, which are due June 1, will be postponed until September 1 for property owners who meet certain criteria. If a qualified taxpayer fails to post payment of the 2019 first installment property taxes on or before September 1 penalties will revert to June 1.  In order to receive relief, the property owner must meet one of the following criteria:

  • The property owner was laid off or terminated from employment after March 9, if the applicant had been employed for at least 90 days prior to termination;
  • The taxpayer has seen a reduction in income of 20 percent or greater;
  • A property owner has been unable to collect at least 80 percent of collectable rent on the property from March 1 to May 30;
  • A business operated by a property owner, located on that property, was shut down after being classified as non-essential and the applicant has not applied for and received relief pursuant to the Paycheck Protection Program of the CARES Act.

The Kane County Board granted taxpayers a 30-day waiver of interest penalty for the 2019 first installment property taxes. The 2019 first installment property taxes, due June 1, will be accepted without late penalty interest if paid on or before July 1. Payment of the 2019 first installment property taxes after July 1, will result in all accrued penalties starting at 3 percent.

The McHenry County Board approved an ordinance extending the due date of the 2019 first installment property taxes from June 15 through September 15. The ordinance only delays late fees on the 2019 first installment and does not apply to property taxes paid through escrow.

Finally, as was discussed in our April 7 edition, the Cook County Assessor’s Office has announced that 2020 assessments will be adjusted to reflect COVID-19’s impact on the market. The Cook County Assessor’s Office intends to send information to taxpayers about the adjustments to assessed values based on estimated COVID-19 effects in the near future. Considering real estate tax bills reflect the assessments of the previous year, any adjustments to property values this year will not be reflected until the 2020 second installment property tax bills are released in the summer of 2021.

The experienced attorneys at Rock Fusco & Connelly, LLC are here to help you through these trying times, so do not hesitate to contact us. We can be reached via e-mail at info@rfclaw.com, or by telephone at (312) 494-1000.