(CHICAGO) — If you can’t pay your taxes by the December 15 due date in Cook County, there’s a 13-month payment plan available.
“I know coming up with the money to pay property tax bills can be difficult,” Cook County Treasurer Maria Pappas said. “That’s why I’m reminding people that the bills are due ten days before Christmas. If possible, pay before the due date so you don’t get charged state-mandated late fees.”
Property owners unable to pay their tax bills in full by Dec. 15, should look at the Treasurer’s free online financial planning tool.
“I hope the calculator eases the concerns of taxpayers worried about losing their home, business or other property because of unpaid taxes,” Pappas said. “If you are unable to pay in full by the due date, you now have about 13 months to pay off your bill before your unpaid tax debt is offered for auction at the legally required Annual Tax Sale.”
During those 13 months interest will be charged at 9% a year, or 0.75% a month.
“The annual interest rate was 18% but my office fought for and won legislative reforms in Springfield that cut the rate in half,” Pappas said.
Pappas says that the Payment Plan Calculator is designed to help homeowners avoid borrowing from a credit card company or having to pay back or ‘redeem’ your taxes after they’re sold to a tax buyer. The calculator is a tool that should help more Cook County residents pay off their back taxes and remain in their largest investment, home sweet home.
Register now at CookCountyTreasurer.com
