Is prepaying property taxes a smart move for Cook County homeowners?

In Cook County, Illinois, on December 16, 2024, Treasurer Maria Pappas announced a new initiative allowing property owners to prepay their 2024 property taxes that are due in 2025. This option particularly caters to residents like snowbirds who spend significant time in warmer climates during winter months. By prepaying their taxes, these homeowners can avoid the stress of returning to handle bills right before the due date, thus enjoying their time away without worry. To facilitate this process, Pappas stated her office would mail an early copy of the First Installment tax bill upon request, ensuring property owners have the necessary information at hand. Registrants have various options to pay their taxes early, including mailing an original payment tax bill or a PDF downloaded from the official website, paying at any Chase Bank branch in Illinois, or in person at the Treasurer's Office located in Chicago. The prepayment must be completed by the deadline of December 31, 2024. This new prepayment policy is designed to accommodate the needs of Cook County property owners, especially those who are often away during the winter season and may fear missing the deadline for tax obligations. The initiative is well-timed, as it provides a solution for financial management during the holiday season, allowing taxpayers to plan ahead and mitigate the stress often associated with tax payment deadlines. The Treasurer's office has anticipated a strong response and will begin mailing prepayment bills to registrants, as well as posting PDF copies of the First Installment 2024 tax bills online, providing further accessibility and aid to property owners. The First Installment bill serves as an estimate, calculated at approximately 55% of the previous year's total tax amount, with the due date for the First Installment set for March 4, 2025. Overall, this initiative reflects a proactive approach by the Cook County Treasurer’s office to assist property owners in managing their financial responsibilities effectively.