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 Service postmark (not postage meter) will be recorded as paid on the date the payment was mailed.
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.
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.