New Payment Plan Calculator helps homeowners pay late property taxes

Attention Lemont Homeowners: Announcement of a New Payment Plan Calculator helps homeowners pay late taxes in smaller increments.

More information at this link: https://cookcountytreasurer.com/newsarticle.aspx?articleid=1928

The Payment Plan Calculator can help people pay their taxes over an extended period of time.

A video tutorial is available at cookcountytreasurer.com to walk taxpayers through the steps of using the Payment Plan Calculator. Click here: https://www.youtube.com/watch?v=SDgGQi7zbBs

The calculator assists taxpayers who want to budget their property tax expenses over payments made monthly or every two weeks.

Taxpayers may sign up to receive email or text message notifications reminding them to make the monthly or biweekly payments recommended by the Payment Plan Calculator.

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Many homeowners were shocked by property tax increases this year, particularly in the south and southwest suburbs. They worry what will happen if they are unable to pay their bills in full by the Thursday, Aug. 1 due date.

State law requires that property owners who do not pay their taxes in full by the due date face additional interest charges of 0.75% per month, effective with 2023 taxes due in 2024. Late taxes that were due in 2023 and earlier years are charged interest of 1.5% per month.

The Annual Tax Sale occurs approximately 13 months after the Second Installment due date. Once unpaid taxes are offered at the Annual Tax Sale, the property owner must pay the overdue taxes and interest in one lump-sum payment.

Pappas said the Payment Plan Calculator grew out of deliberations by the Illinois Property Tax Payment Plan Task Force. The Illinois General Assembly in 2023 passed legislation that created the task force to recommend payment options designed to prevent tax-delinquent owner-occupied homes in Cook County from being sold at the Annual Tax Sale.