Wait! Did you notice what Cook County did to your property tax bill? No advance warning - just a small note included with the bill and a small article in some papers. It was actually passed last October by the General Assembly and only applies to Cook County (the bill was aimed at counties with 3 million plus residents, and Cook County is the only one in Illinois!)
You are now having to pay 55% of your first installment (due March 2) - usually homeowners pay 50% of the first bill, then the balance when the second installment arrives later in the year. This feels like an added burden since the bill arrives just three months after last year's late bills. Cook County Treasurer Maria Pappas said, "I think people are feeling the squeeze of the bills being so close together."
You could say this is not such a bad thing. Typically, the second installment is larger because it reflects increases in the tax bill. With this new system, the bills will be better balanced and taxpayers won't be socked with a big increase at the end of the year.
The point here is that the recipients, primarily school districts but also municipalities and county agencies, will get their money more quickly. This "accelerated billing law will help with the day-to-day cash flow but ultimately, the practice does not increase the bill.
Just make sure you understand that it's a little higher up front, and possibly about the same amount at the back end.
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