Property Taxes - Cook County
Real estate taxes are not a part of your condominium assessment payment. You are responsible for paying them directly. If you have a mortgage, your taxes may be escrowed and paid by your lender. Homeowners must actively monitor real estate taxes to ensure fair and accurate billing and payment.
Real estate taxes are administered by the county government. The Assessor determines the basis for taxation, your “assessed valuation”. The Treasurer issues the bills and collects the payments, your “tax bill”.
There is a one-year delay between the departments. Taxes are paid in calendar year 2013 based on the 2012 assessed valuation. Tax bills are issued in two installments, one in the spring and one in the fall. The amount of the first installment is always 55% of the previous year’s total bill. Adjustments for changes in assessed valuation or increases in tax levy are seen on the second installment
Each unit in a condo has a unique parcel identification number, or PIN. Deeded parking spaces have a separate PIN. If your parking space is deeded, you will have two separate tax bills.
You must know your PIN. The Assessor provides a lookup on their website at cookcountyassessor.com. On their site they also provide the forms for claiming homeowner and senior exemptions.
Billing is handled by the Treasurer. Payment status and online payments are available at cookcountytreasurer.com.
Changes to mailing address are also handled by the Treasurer. The form for this request is completed online but must then be printed, signed, notarized, and mailed.