First Installment 2016 Cook County Tax Bills are Out!!

By E. Christopher Caravette

February 1, 2017

By now, every owner of real estate in Cook County will have received the First Installment of 2016 real estate tax bill.

What you should know:

• In Cook County, we pay annual real estate taxes in two (2) installments. The First Installment bill is always fifty-five percent (55%) of the prior year’s total tax bill. The Second Installment bill will, therefore reflect any increase or decrease in annual taxes.

• Many homeowners already escrow taxes each month with their mortgage lender. If you are one of those homeowners, your lender will pay this bill (so don’t pay it yourself). It is always advisable, particularly if it is during your first year of ownership of the property, to make a quick call to the lender to confirm they received and are paying the bill.

• Those homeowners who do not escrow taxes must pay this bill on or before Wednesday, March 1, 2017. Payments can be made online, in person, or at several banks (go to cookcountytreasurer.com for details).

For additional information, please contact me at christopher@caravette.com.

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(Note: The information in this article is intended to be general in nature. Plan to discuss your particular circumstances with an attorney for how this might apply to you.)