Cook County sends first installment of tax bills to 1.8 million property owners

Cook County property owners will soon receive the first installment of their 2024 tax bill.

Cook County Treasurer Maria Pappas’ office had sent bills to almost 1.8 million property owners as of Wednesday.

Property owners can choose to make payments online at cookcountytreasurer.com.

Over 12,000 owners have paid through the website, totaling $64 million in online payments.

“Each year more and more people use our website to pay their property tax bills online,” Pappas wrote in a statement. “People like the convenience of paying online and not having to come downtown to pay in person or write a check and pay for postage.”

The first installment bills are 55% of the previous year’s total tax. The treasurer’s office does accept partial payments but all first installment bills are due by March 4.

Failing to pay on time will result in a late fee of 0.75% per month.

Exemptions that could potentially reduce an owner’s property taxes are applied to the second installment bill.

The Cook County Assessor’s Office on Wednesday released its final values after reassessing the city of Chicago in 2024.

The total assessed value of property in Chicago was $50.8 billion, an increase of $9.5 billion or 23% from 2023. Commercial property increased in value more than residential property, so homeowners’ share of the tax base dropped from 51% to 49%, the assessor’s office said in a news release.

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Properties in Cook County are reassessed every three years. The assessor’s office determines the market value, then converts that to an assessed value — usually 10% of market value for residential property and 25% for commercial property.

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