First Installment 2021 property tax bills arriving all over Cook County ... Appeal window to reduce the Second Installment still open in vast majority of Townships
February 02, 2022 5
Cook County Treasurer Maria Pappas this week announced her Office had mailed out 1.8 million First Installment 2021 property tax bills with a due date of March 1.
And, judging by feedback from clients of this firm, bills are landing on doorsteps every day. How does yours look?
Across the board, the County fixes First Installment bills at 55 percent of the previous year's total tax on the subject property. This is done because when the bills are issued in the early months of each year, assessment are not yet fixed, as appeals remain in process.
Tax Year 2021 is particularly peculiar, as not only do appeals remain under review but the vast majority of the County can, in fact, still sign-up for a 2021 property tax assessment appeal. The Board of Review has only opened and closed 2021 appeal windows for 11 of the County's 38 Township—and those Townships represent only a small fraction of the total population. As little as 10 percent.
Which means if you don't like the look of your first bill, there's still plenty of time to do something about the second. For residents in non-reassessment Townships, a reduction of one's tax assessment now means your Second Installment bill will be lower than it would have been had you not acted. You will have effectively paid for 55 percent, plus whatever percentage assessment reduction is achieved, upfront, minimizing the Second Installment to just the balance.
For residents of Chicago, which was reassessed in 2021, your Second Installment bills stand to be much higher, in proportion to how much the Assessor increased your property's estimated taxable value during the reassessment. Reassessments we have seen run the gamut between no increase at all to double or even triple the value. The Assessor reported average residential increases to be around 15 percent or slightly higher. That is the increase you will be fighting to reduce, should you live in Chicago and decide you still want to appeal your property's 2021 tax assessment.
Appeal reductions on reassessment years last for three years, so one's savings accrue in value over the course of the entire 3-year assessment cycle.
In a press release, Pappas encouraged residents to pay their First Installment bills online, which you can do here.
"Paying property taxes through cookcountytreasurer.com is quick, easy and secure," she said. "Think about how many other things you do on the web. If you've never paid your property taxes online, I urge you to do so. You'll receive an electronic receipt that will come in handy when you prepare your income tax return."
As mandated by Illinois State Law, tax bills accrue 1.5% in interest per month after the due date of March 1.
If you're wondering if PTS can help you with your assessment, please call us at 312-448-9992 or "Check Your Savings" using our patented assessment calculator for a first-blush savings estimate.