Aid is Underway for Struggling Homeowners in Cook County
In a landmark move, Cook County Treasurer Maria Pappas has successfully championed the approval of a groundbreaking property tax reform bill by the General Assembly. This marks the most significant modification to the property tax legislation in several decades.
The new reform focuses on the interest rates charged for late property tax payments, with the rate for both homeowners and businesses in Cook County reducing from a staggering 18% per annum to a more manageable 9%. This change is expected to result in substantial savings for property owners who are struggling financially. Estimated annual savings range from $25 million to $35 million, and these benefits are most likely to be felt in Black and Latino communities.
Pappas highlighted the significant impact this reform will have on these communities. She stated, “Predominantly Black and Latino communities are where the majority of property owners who fall behind on their property taxes are located. These changes will prevent millions of dollars of generational wealth from being stripped from these households. This is a vital step towards establishing greater fairness in Illinois’ property tax system and is a change that has been long overdue.”
The legislation, known as Pappas’ Property Tax Equity Legislation, was passed by the Illinois General Assembly on Wednesday, May 24, and was subsequently signed into law by Governor JB Pritzker. This achievement is a collaborative endeavor between Pappas and The Chicago Community Trust philanthropic organization.
The legislation was drafted by Pappas’ office following the release of several studies carried out by her research team in the previous year. Recognizing the need to address the pervasive flaws and inequities in the property tax system, Pappas formed the research team almost two years ago with the mission to analyze and better understand the intricacies of the sprawling and complex property tax system. The studies carried out by the Pappas team are available for public view at www.cookcountytreasurer.com. This initiative showcases Pappas’ commitment to reforming and simplifying property tax systems, ensuring more equitable access for all residents of Cook County.
