/>iCurrently, individual taxpayers who itemize their deductions can deduct real property taxes paid that year. Under both the House and Senate tax reform bills, the property tax deduction would be capped at $10,000. If that cap is retained in the version that is signed into law, taxpayers may wish to consider prepaying a portion of their 2018 real property tax before the end of 2017 in order to maximize the amount that is deductible.
Prepayment of 2018 taxes is available in a number of key Illinois counties. In Cook County, the maximum amount that can be prepaid is 55% of the tax bills received in 2017. In the other counties listed below, taxpayers may be able to prepay an amount equal to their entire 2017 tax bills (but bear in mind that the current legislation would allow a deduction for up to $10,000 in property tax paid in 2018).
Please note, there is no assurance that the real property tax deduction will be limited, so prepayment may be unnecessary. Also, if you are subject to the Alternative Minimum Tax for 2017, there may be no benefit from prepaying your tax. You should consult with your income tax preparer to determine if prepayment of real estate tax will be beneficial given your individual circumstances.
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County |
Procedure |
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Cook County |
There is an email link provided through the Treasurer’s website that sends you to a request form to request through their email system. The request should include the mailing address of the property and PIN. |
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DuPage County |
Prepayment program requires sign-up through their online system at:
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Kane County |
Property Tax can be prepaid through December 29th. In order to do so you need to:
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Lake County |
Prepayments are accepted December 1 – December 29; postmark is not accepted.
Mail checks to: |
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McHenry County |
Advance Tax is available through December. In order to participate in advance tax you need to:
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Will County |
Prepayments of both the first and second installments can be made and the payment amount should be based off of what was paid for the 2016 taxes. Any overpayment can be applied to the next year’s taxes or refunded back.
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