Skip to main content

UPDATE: Cook County Property Tax Bills will be mailed out (eventually)

Some news is (finally) starting to leak out regarding those inevitable Cook County property tax bills everyone has been waiting for.

We all, of course, know that local property tax bills are sent out in two installments. The first installment, a/k/a the estimated bill, is always taken as a percentage of the previous years levy. Formerly half of the prior years taxes, the most recent bill demanded 55% of the last known taxes, owing to a recently changed state law. The County, it seems, needs more money sooner. A prior blog post alerted readers to this change earlier this year.

The second, of final installment of the tax bills is supposed to get mailed out in August, providing a theoretical due date of September 1st. These bills are very often mailed much later. Last year they went out in November  and were due December. There has been a good deal of rumor mongering and speculation about the timing of the second installment 2009 tax bills. Harken back to this report in the Daily Herald from back in April for a tasty example. Both the County Treasurer's office, and  Today's Tribune confirms that the tax bills will indeed be delayed until middle or late  November, well after the November 2nd elections. At least we can finally start preparing for the inevitable reckoning and divert worried eyes from the mail box for the next couple of weeks.

But news of the timing of the tax bill is only the beginning of the story. We still await word as to the size  of those tardy invoices. That news too is starting to leak out and the news is not very pretty, offering yet another reason why the delay is taking place.

At least one learned colleague is reporting that the 2009 Cook County tax equalization factor (a/k/a the "multiplier") is increasing by more than 13%. The multiplier is intended to achieve uniform property assessment throughout the state. The equalization factor does not cause individual tax bills to go up or down, local taxing bodies determine tax bills when they finalize their budgets and request the dollars needed to provide services to their respective citizens. The assessment process determines how the bill will be divided among taxpayers, from County to County and Township to Township.    

Tax bills are determined (essentially) by multiplying a property's assessed valuation by the local tax rate, and by the multiplier. In 2007, the Cook County multiplier was 2.8439. For 2008 it went up to 2.9786. This year, it soars to 3.3701.

Check out your assessed valuation on the Cook County Assessors's web site. That tax rate? stay tuned.

Comments

Popular posts from this blog

PLM Title Shuttered

Title insurance is a critically important part of any real estate transaction; or at least it should be. The title company guaranties the "quality" of an owners interest in the property - that there aren't any (unknown) liens or defects. No buyer that I work for will purchase a property without it. Title insurance is only as good as the insurer. We want to know that the insurance company, like the Rock of Gibraltar , will always be there. We want to sleep easy at night, knowing that the client is protected. That said, it was a bit distressing to see that PLM Title Company shut its doors, without any forewarning last week. Worse still, this morning's news is that there is a criminal investigation underway - and that we do not yet know why. Old timers like me shudder with memories of the great Intercounty Title debacle five years ago. Here's to hoping that this one is nothing like that one. Set aside the problems involved trying to make a claim against a defun...

FHA Loans and Condo Sales - Is Relief on the Way?

By all outward appearances, state government in Illinois has ground to a complete halt, with all eyes focused on the Governor's "problem" and all the related fal - der -rah. Its hardly business as usual in Springfield, but not everything has ground to a halt. Several new bills have been introduced this week. That is not to say that they will be of benefit to we the people. Nonetheless, the cogs and gears are turning, and we are hoping for the best. One such proposal comes from Rep. LaShawn Ford of Chicago's west side, who is himself a real estate broker and entrepreneur . He is the author of House Bill 155 , introduced & referred to the Rules Committee Wednesday. It seeks to address one of the most common problems I am seeing in condominium resale transactions these days; the tension between many Declarations of Condominium and FHA loan guidelines. Many Condo Declarations provide Associations with a "right of first refusal," which basically allows t...

MAYOR DALEY PROPOSES TIF FINANCING FOR SOME DISTRESSED PROPERTIES

Lets see how City Council reacts on this one, but the Mayor introduced a pretty interesting little ordinance that might be a real boon to first time area home buyers willing to buy and rehabilitate some bank-owned properties. Progress Illinois reports that the mayor's bill, introduced on March 9: "seeks to tackle the growing problem of vacant homes that are blighting neighborhoods across Chicago, and in particular in minority communities. Called the Vacant Building TIF Purchase and Rehabilitation Ordinance, the  bill  (PDF) proposes allowing residents with a household income no greater than 100 percent of the regional median income to apply for a tax increment financing (TIF) grant that would pay for up to 25 percent of the cost of purchasing and rehabilitating an empty residential property. Single-family empty homes or units in condo and cooperative buildings with four units or fewer are eligible. The empty homes must be located in a TIF district and must be in need of...