Skip to main content

COOK COUNTY 2014 - PROPERTY TAX BILLS AVAILABLE NOW ONLINE

by Michael H. Wasserman

Cook County property owners can now see their 2014 1st Installment property tax bills online at the County Treasurer's web site. Tax bills are due on or before March 3, 2015.  The first installment bill is not a predictor of what the final annual tax bill will look like. This is merely 55% of last years bill and is simply an estimate of what the final levy may look like.

IF YOU ESCROW FOR TAXES WITH YOUR LENDER:

Property tax payers who escrow for taxes with their lender need not take any action - the lender is supposed to pay for you. (OK, maybe you should check to make sure that your lender actually does pays the bill.).

IF YOU PAY YOUR OWN TAXES:

Make sure that you pay on time! The County charges 18% per anum interest on delinquent taxes (1.5% per month). You can pay any number of ways, including -


  • Payment the County directly, in person at the Treasurer's Offices or by mail
  • at any local (Illinois) Chase Bank branch location
  • at other select Community Banks
  • online via credit card
  • online via ACH debit (e-check)

note that there is a $1 fee for ACH payments. There are substantial fees for paying by credit card. Details here. 

IF YOU ARE CLOSING ON THE SALE OF COOK COUNTY PROPERTY SOON

Your Buyer, his or her lender, and the title insurance company will all want to either see proof that this bill has been paid, or that you are giving proper credit for this tax bill to the Buyer. 

If you are paying your own taxes, be sure to send proof of payment to your attorney, ASAP so that you do not have to escrow funds with the title company until it can confirm the payment was made
If your lender pays your tax bills, be sure to check with them too. The last thing you will want is to have to pay the taxes at closing AND find out your lender ALSO paid the same bill for you. 

Popular posts from this blog

The Equifax data breach and you — 6 steps to take now

Identity thieves hit a major credit reporting agency—hard. Millions of consumers’ confidential identity information has been compromised.

Equifax, one of the big three credit reporting agencies announced that a massive security breach took place earlier this year. Offenders accessed data sets of 143 million US consumers.

With federal tax reform looming, should I prepay 2017 Cook County property taxes?

By Michael H. Wasserman

Paying property tax bills before the end of the 2017 may help some owners save on their federal income tax liabilities.

The Tax Cuts and Jobs Act has been called the most sweeping tax reform bill in decades. Like it or
not, tax reform is coming. Others might wring their hands with glee or with worry. We are already working on ways to minimize the pain this reform might cause. 
One aspect of the pending tax reform plan presents a clear challenge for most Chicagoland home owners, the elimination of deductions for State and Local Taxes (SALT). The house and senate plans both limit deductibility to $10,000. Once the tax reform is signed into law, we will pay federal income taxes on the money we use to pay our local taxes exceeding that $10,000 threshold. Some homeowners who have the foresight (and lets face it, the savings) to act swiftly may want to pre-pay their first installment 2017 property tax bills this year before the tax laws kick in, so that those payments …

What to do when drones fly near your home

Imagine a quiet evening on the deck of your new home when—out of nowhere—a noisy drone begins hovering around your property, almost certainly snapping photos or video. It’s like Space Invaders meets Gladys Kravitz. So what do you do?