Chicago area property tax collections at lowest rate in over a decade

COOK COUNTY, Ill. — Cook County Treasurer Maria Pappas has reported a 95% collection rate for property taxes in the Chicago area, the lowest rate in more than a decade.

The south and southwest suburbs experienced a drop in rates — 31% in Harvey and 52% in Ford Heights — and payment plans are available to help spread payments over a full year.

Pappas, who compiled the numbers, appeared on WGN’s Evening News at 4 p.m. on Wednesday and stated that the numbers were unsurprising.

“If you send someone a bill that has been reassessed and that bill goes up, from $3,000 to $7,000, it is highly unlikely that the person getting the bill for $7,000 has all the money to pay it as once,” Pappas said.

VIDEO: Cook County Treasurer unveils new tool to help property owners spread out high tax payments

Anyone unable to pay their property taxes is encouraged to use the payment plan calculator. The tool on the treasurer’s website helps users spread the payments over an entire year.

As such, the interest rate is now 9%, down from 18%.

Watch the complete interview in the video player above.

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