Bellas & Wachowski

Cook County 2014 first installment

property tax bills issued

Property tax bills with a due date of March 3, 2015 have been issued by the Cook County Treasurer. This first installment is an estimated tax bill. The amount due is 55% of the prior year's total tax. Even if you have an appeal pending for the year 2014 you must pay the March 3 first installment bill. Should a reduction be granted, it will be reflected in the second installment bill, which is sent out in the Fall.

Answers to Frequently Asked Questions:

Q: I didn't get a tax bill. What could the reason for this be?

A: One likely possibility is that the County has not promptly corrected their records after a change of ownership. You can verify the mailing address for your property online at at www.cookcountytreasurer.com. You can also correct the mailing address if necessary online.

Q. What if my tax bill is Zero?

A. Generally, if your tax bill is zero, the Property Tax Index Number (PIN) for 2014 either new or the property site is on the exempt roll. If your PIN did not exist last year, then the County would not have estimated your taxes. You may have a new PIN because the prior PIN was divided, which normally occurs when property is subdivided.

In this case, your first installment property tax bill will be zero. That means the full amount of your taxes will be computed and due on Fall 2014 second installment bill issued in the fall. You may have a new PIN because the prior PIN was divided this year. This normally occurs when property is subdivided.

If your property is on the exempt roll and not being taxed and it should be, you should notify the Assessor, otherwise, you risk receiving a back-tax levy in the future.

Q. How can I pay my tax bill?

A. Taxes can be paid by sending a check to the Cook County Treasurer or by paying online at the Treasurer's website (www.cookcountytreasurer.com).

Q. What happens if I don't pay my tax bill on time?

If you do not pay your tax bill on time, interest will accrue at the rate of 1-1/2 % per month.

Q. What do I need to do if my taxes are paid through an escrow account?

A. With escrow accounts, it is important that you monitor disbursements to ensure that the correct amount was paid on time using the correct PIN. Also, be sure not to pay taxes directly, as it will result in a duplicate payment. To verify payment information visit www.cookcountytreasurer.com.

More questions on taxes or any other legal topic? We're the go-to attorneys for small businesses looking for answers.

For additional information and a free initial consultation, contact attorneys George Bellas or William Boznos.
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