Cook County throws lifeline to homeowners struggling with mortgages

Decision will waive late-payment interest penalties on properties for 2 months, erasing billions in fees

TRD CHICAGO /
May.May 14, 2020 10:01 AM
Cook County Board President Toni Preckwinkle said homeowners will be given a two-month reprieve on late-payment interest penalties. (Preckwinkle by KAMIL KRZACZYNSKI/AFP via Getty Images; iStock)

Cook County Board President Toni Preckwinkle said homeowners will be given a two-month reprieve on late-payment interest penalties. (Preckwinkle by KAMIL KRZACZYNSKI/AFP via Getty Images; iStock)

For Cook County homeowners, every little bit helps.

As the state considers delaying property tax payments, county officials have approved a measure to waive late-payment interest penalties on properties for two months, according to Crain’s.

Payments that had been due Aug. 3 are now due Oct. 1. The late fees would not accrue during that period, Crain’s reported. It follows similar moves by several of the suburban collar towns.

The decision to erase billions of dollars of late fees on second-half property bills comes as Chicago and county residents remain under stay-at-home orders through May.

County Board President Toni Preckwinkle said, “These are incredibly difficult times for our residents and this measure creates much-needed breathing room for Cook County property owners,” according to the report.

This week, Gov. J.B. Pritzker and state lawmakers said they would consider defering property tax bills to aid struggling homeowners during the crisis. Pritzker had previously been opposed to such a move, which if passed would cut into the budgets of towns and cities.

And in April, Cook County Assessor Fritz Kaegi’s office said it was planning to reevaluate every single property because of the impact of the pandemic. Normally, only one-third of the county is reassessed in a given year, but Kaegi said the reassessments have to be done due to the virus’ impacts on various asset types, the extent of which won’t be realized until the 2021 tax bills are due. [Crain’s] — Alexi Friedman 


Related Articles

arrow_forward_ios
Sterling Bay’s Andy Gloor and Baird & Warner’s Steve Baird

Baird & Warner, Sterling Bay secured big PPP funds

Baird & Warner, Sterling Bay secured big PPP funds
The coronavirus pandemic led to a 35% drop in new residential projects

Residential construction starts have cratered in Chicago

Residential construction starts have cratered in Chicago
Gov. J.B. Pritzker (Getty)

These landlords are suing to toss out Pritzker’s eviction ban

These landlords are suing to toss out Pritzker’s eviction ban
The Robert De Niro and the Nobu Hotel in Fulton Market, which will open July 1. (Credit: Andrew Toth/Getty Images, and Google Maps)

Listen to me carefully: De Niro-backed Nobu Hotel will finally open

Listen to me carefully: De Niro-backed Nobu Hotel will finally open
Home sales tanked in Chicago in May, but more recent data has shown an uptick in homes under contract. (iStock)

Coronavirus sent Chicago home sales to new low in May

Coronavirus sent Chicago home sales to new low in May
Mayor Lori Lightfoot is allowing city restaurants and bars to open for indoor dining — with restrictions — a week ahead of schedule. (Getty)

Order up: Lightfoot to allow indoor dining at restaurants, bars ahead of schedule

Order up: Lightfoot to allow indoor dining at restaurants, bars ahead of schedule
Giglio’s State Street Tavern and restaurateur Bobby Hitz (Google Maps, Giglio's)

Legal strategy to get out of rent works for Chicago eatery

Legal strategy to get out of rent works for Chicago eatery
A new report in Trepp found delinquency rates have jumped for Chicago area hotels and retailers. From left, Palmer House Hilton and Gurnee Mills mall. (Wikipedia Commons)

Over 30% of Chicago-area hotels with CMBS loans missed May mortgage payments

Over 30% of Chicago-area hotels with CMBS loans missed May mortgage payments
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...