CHICAGO — The pandemic is making it difficult for many Cook County residents to pay their property taxes.
Cook County Board President Toni Preckwinkle has been under pressure to help struggling property owners. Her plan could come Wednesday, but any relief will cut into much needed tax revenue for Cook County.
With many homeowners dealing with unemployment and financial difficulties due to the pandemic, property owners are seeking a break — especially since it’s unclear how long the shutdown may last.
The second installment of property taxes is due Aug. 1.
County commissioners have been hearing from constituents for weeks, and it’s understood that some kind of relief has to happen.
Cook County Treasurer Maria Pappas tells WGN she is hopeful that the board will waive the penalty fees for a couple of months. But that may not be enough for many property owners.
Some suggest a freeze, an overall lowering of tax bills or at least a pushback of the Aug. 1 deadline.
The situation has real estate experts predicting a new wave of foreclosures in the coming months.
— WGN TV
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