Could it be a first in 40 years?
Unlike DuPage County, Lake County, and the other collar counties, Cook County tax bills are usually up in the air until late in the year. Technically, real estate taxes are supposed to be paid by August 1, but in the last 10 years, I’ve never even seen the second installment tax bill out by August 1. There have been years the bill wasn’t out until November! I thought 10 years was a long time, until I found out that the tax bills have not been out by the deadline even once in the last 40 years.
This year, however, rumor has it that the bills will be out on time — in July — and will be due on August 1, which is the statutory deadline.
If the bills are paid by August 1, all of the various entities that expect money from the county — schools, fire departments, libraries, etc. — should get their money on time. This could benefit tax payers in the long run because these entities don’t have to borrow money and pay interest — a cost which is usually passed on to the tax payers later.
If real estate owners know when their bills are coming out, they can prepare for them. Also, the various taxing bodies will know when they receive their share. This cuts down on a lot of uncertainty.
Regardless, for now it’s just talk. Wouldn’t it be great if those tax bills came out at a fixed time every year? I’ll believe it when I see it.