The 2nd installment of Cook County Property Taxes is due on August 1, 2012 instead of in the late autumn as they have been for years. This is a total WTF moment in the history of Cook County property ownership and deserves a nice thorough review. The short version is that many Chicago and Cook County property owners are going to have to come up with a bunch of cash very quickly. Read on to find out if you’re one of the lucky thousands, and to learn why we’re in this kind of a pickle.
The Passive-Aggressive County Boards and You.
As I’ve briefly touched on before, the determination of property taxes in Cook County (and by default in Chicago) requires multiple parts of the county government to be singing from the same hymnal. Unlike most US counties where property taxes are paid in two equal parts, Cook County is a special snowflake. Because of a year of tax forgiveness back in the 1930s which may or may not have actually occurred, Illinoisans pay property taxes a year behind. A few other midwestern states do this but it isn’t a national tradition. But for Cook County, this year (2012) homeowners are paying for the taxes that they racked up in 2011. Remember this, it becomes important later on in the story.