Governor Pritzker Cuts Interest Rate on Delinquent Taxes in Half

As the calendar changes to 2024, new legislation passed by the Illinois Legislature and signed into law by Governor Pritzker goes into effect that will provide relief to the many taxpayers in Cook County who might be delinquent in their property tax payments.  The new law, signed by the Governor on August 11, 2023, changes the annual interest rates charged on delinquent property taxes from 18% to 9%. The law was championed by Cook County Treasurer Maria Pappas and will be effective starting on January 1, 2024.

This legislation was drafted in response to research completed by the Cook County Treasurer that showed the destructive impact of the longstanding tax sale system in Cook County, a system that made it difficult for taxpayers to redeem their delinquent taxes while also creating large transfers of wealth to investors who participated in the tax sale process.  In addition to changes in the interest rate, the new law makes it more difficult for these investors to back out of valid purchases of delinquent taxes in which the investor has no interest in obtaining the tax deed to the property. 

Taxpayers in Cook County will now find it easier to catch up on property taxes that have become delinquent.  If you have any questions about this new law or any questions about the property tax system in general, do not hesitate to contact us at Crane & Norcross. 

For nearly 50 years, we have worked to make the property tax system fairer for taxpayers.  You can reach us at 312-726-9161 or info@cranetaxlaw.com.   

C&N concentrates on property tax law exclusively and focuses on maintaining trust and delivering exceptional service to clients. Organizations and individuals with interests in real estate face a wide range of complex issues, and C&N assists clients in overcoming property tax challenges and obtaining fair assessments.