Prepay Your 2017 Property Taxes
Cook County Treasurer Maria Pappas is accepting online prepayments of next year’s First Installment property tax bill. For taxpayers who prefer to pay by mail or in person, Pappas will also enable taxpayers to download and print a prepayment bill themselves.
Why should you prepay? With the passage of the federal tax bill, the deduction for state and local taxes paid will be capped at $10,000 starting in the 2018 tax year. Taxes that would normally be paid in 2018 and are prepaid in the 2017 calendar year might be fully deductible. If your mortgage interest and property taxes combined are more than $10,000, than you might benefit to prepay your property taxes before Dec. 31. Guidance on prepaying is also available at the IRS’ website. Check with your personal tax professional to see if prepaying will benefit your household.
Under state law, 2017 First Installment taxes, due March 1, 2018, are 55 percent of the prior year’s total tax. To prepay, taxpayers must have their 14-digit Property Index Number (PIN), which can be found at the top of the most recent tax bill, near the amount due. Taxpayers can also use their property address to look up their PIN at the treasurer’s website.
Here’s how to prepay:
• Online at the treasurer’s website and select “Prepay Your 2017 Taxes.” You can use your bank account or credit card to pay.
• By mail—Send the prepayment bill and your payment to: Cook County Treasurer, PO Box 805436, Chicago, IL 60680-4115.
• In person—Submit the prepayment bill and payment at a Chase branch bank or the Treasurer’s Office, 118 N. Clark St., Room 112, Chicago.