First installment of Cook Co. property taxes due this week; new penalty fee for late payers

CHICAGO (WLS) -- The due date to pay the first installment of 2023 Cook County property tax bills is Friday, March 1.

The Cook County Treasurer's Office posted nearly 1.8 million bills online in early December and mailed printed bills in late January, according to a press release.

"If you don't pay your taxes by the due date you end up paying more because of the interest penalty," Cook County Treasurer Maria Pappas said.

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The interest rate penalty dropped from 18% to 9% a year, Pappas announced earlier this month. This means, the monthly rate of interest charged on late taxes will fall from 1.5% to 0.75%.

In other words, property owners will save $90 a year for every $1,000 owed in late taxes.

Partial payments are accepted from those unable to pay the full amount.

To make a payment or download a copy of your tax bill, visit cookcountytreasurer.com