Property Tax Bill
In Cook County, the due date for the First Installment Property tax is usually the first business day in March. The First Installment is simply a down payment of 55% of the prior year’s tax bill. The Second Installment due date varies. This bill is the “real” bill and reflects any new assessed values, exemptions, new state equalization factor, and taxing-district tax rates. The Second Installment is usually mailed in late summer or fall. The property tax bill can be paid at any Chase Bank, online by using the Cook County Treasurer's website, or you may use the return envelope supplied with your tax bill. Please note that only payments mailed through the United States Postal Service in envelopes bearing a United States Postal postmark (not postage meter) will be recorded as paid on the date the payment was mailed.
What is the Senior Tax Deferral Program?
Tax Deferral program allows eligible senior citizens to defer payment of up to $7,500 in annual property taxes on their primary residence. The program functions as a low-interest loan from the State of Illinois, which places a lien on the property until the loan is repaid.
How the Program Works:
- The State of Illinois pays the deferred property taxes and special assessments on behalf of the homeowner.
- A lien is placed on the property for all deferred amounts, plus simple annual interest.
- For tax years 2023 and beyond, the simple annual interest rate is 3%. For earlier tax years, it was 6%.
- Deferred taxes, plus interest, are repaid when the property is sold or transferred. The loan must also be repaid within one year of the taxpayer's death.
- The program is managed by the Cook County Treasurer's Office.
Eligibility Requirements:
- Homeowners must meet several criteria to qualify, including being 65 or older by June 1 of the application year, having a household income of no more than $65,000 (a temporary limit through 2025), and having owned and lived in the property for at least the past three years. Other requirements include having no delinquent property taxes, adequate fire and casualty insurance, and if the property is in a trust, the applicant must be the sole beneficiary. A surviving spouse aged 55 or older may continue in the program if they meet the qualifications.
- In tax year 2026 and forward, the limits will match the senior freeze income thresholds.
How to Apply:
- Applications must be filed annually with the Cook County Treasurer's Office. Forms (IL-1017 and IL-1018) are available on the Treasurer's website after January 1, and the deadline to apply is March 1 without extensions.
What is a Property Tax Sale?
A tax sale is an auction of delinquent Cook County property taxes. By law, the Treasurer’s office is required to put delinquent taxes, not the property itself, up for auction. During the Sale, investors bid on the right to pay the overdue taxes.
How do you check if your property taxes are going up for sale?
Go to cookcountytreasurer.com and select the box labeled “Avoid the Tax Sale” where you can look up your property by address or Property Index Number (PIN). The only way to avoid the sale is to pay all Tax Year taxes and interest due before the Tax Sale.
What if your taxes have already been sold?
After a tax sale, to avoid loss of property, the owner must repay the Cook County Clerk the sold taxes, interest, and fees. This is called “tax redemption.” To obtain a redemption bill, you will need to contact the Clerk’s office. Redemption bills will note the date by which sold taxes must be repaid. Once the property has been sold, the tax buyer has the right to make that payment and charge high interest rates.
Effective 2025, the Cook County Clerk will be allowed to create a payment plan for any homeowner working to pay back taxes that have been sold. Contact the Clerk’s office for details.
Can you lose your property?
If you do not pay the delinquent taxes before the deadline, usually 2 1/2 years, the tax buyer can go to court and obtain ownership of your property. For commercial properties, the deadline typically is just 1 year.