Bridge Fund in Place for Delayed Cook County Tax Bills

Property tax bills for Cook County will be around two months late, continuing a daisy chain of delays.

Cook County Board President Toni Preckwinkle announced that she’ll once again set aside a $300 million loan to help local governments pay employees, and broaden the bridge loan program to ensure more areas can qualify. In a press release, she called the fund a “short–term tool,” while reaffirming her commitment to plug the leaks in the property tax system.

Applications for the bridge loan fund will open July 20 so municipal officials have more time to plan. Suburban tax districts that rely on property taxes for 50 percent or more of their revenue are eligible for fund access. Disinvested communities that don’t meet that mark will get a second look, the county said.

County leaders have described previous delays as a product of three factors: The complete overhaul of legacy computer systems that process the bills, the pandemic’s lasting effects and individual offices’ struggles, according to the Chicago Tribune.

Confusion centered on the delayed and at times inaccurate property tax payments have hamstrung districts that rely on that income, and can cause bookkeeping errors. While the county’s efforts to release some of the pressure on affected districts is welcomed, the situation will only be fully resolved once the new system is fully implemented and accurate.

Districts with budgets centered on property taxes grew impatient and thin late last year as distribution came months late. Schools and libraries were the hardest hit, according to the publication, and several were forced to take out their own loans or dip into reserves.

In just the school category, it cost affected districts around $120 million, according to the outlet. Library and school officials are set to testify at a county hearing about the effects on Wednesday.

— Hunter Cooke