Property tax delays give homeowners a break, many of whom have gone more than a month without a paycheck due to the COVID-19 pandemic.
the Kane County The Board approved a plan to ensure that no one pays late fees on payments that are due June 1, as long as they are due by July 1. mortgage lender.
McHenry County it also moved to extend relief to homeowners with a 90-day extension on late fees and interest. Payments can be made without penalty before September 15 instead of June 15. As in Kane County, the overtime will not apply to payments through a third party.
DuPage County has moved to suspend interest and late fees for 90 days. Interest on late payments is due September 1. Residents must show have suffered financial hardship directly as a result of COVID-19, according to WLS-TV.
Sangamon County pledged to Moving property tax due dates through June 12 and September 12 to give residents additional time to get unemployment checks, stimulus or other relief.
St. Clair County bills will be mailed on June 15, instead of your usual May date. From now on, the new expiration dates will be July 30 and September 30. “We understand the toll this pandemic has taken on our community and we hope this delay will bring some relief to families and business owners who are struggling during this time,” the county said. Treasurer Andrew Lopinot said.
However, not all county boards have given residents additional time to pay property taxes. Lake County Board shot down the idea, citing comments from communities that a property tax delay would hurt their finances. Residents will still need to turn in their bills by June 8. Other counties, including Cook, have not considered changing the payment deadline.
Under Illinois law, areas under a disaster declaration you can waive fees and change property tax due dates. All 102 Illinois counties are considered disaster areas by both the state and federal governments due to COVID-19.
Illinois homeowners paid back the second highest property taxes, behind New Jersey, in the annual survey of WalletHub. Illinois taxes average $ 4,705 on a $ 205,000 home, the national average. This is the third year in a row The two states ranked No. 1 and No. 2 on the property tax survey.
Unsustainable growth in public pension costs is raising property taxes and forcing local governments to cut back on the services people expect from their taxes. Pension liabilities have risen faster than taxpayers’ ability to pay, and the most common response is new and more creative ways to tax residents.
The sustainable solution is constitutional pension reform, especially when 1.5 million workers are directly affected by COVID-19 orders and face layoffs or reduced hours. Illinois can protect already earned retirement benefits from public workers while slowing down the accumulation of future benefits that have not yet been earned, and eliminating the need for endless increases in property taxes and other tax schemes They try, but fail to cover the highest pension debt in the country.
More counties should consider moving to delay property tax payments until more homeowners return to work.
Better yet, Illinois should use its emergency lending powers to finance a statewide delay on business property taxes until at least October 1. Local governments could still receive the necessary revenue through the loan, while small businesses would have a better chance of recovering from financial losses caused by the pandemic.