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SPRINGFIELD – Legislation passed by the Illinois General Assembly today would eliminate long-term delays Cook County property owners face in obtaining refunds for flawed tax assessments and overpayments.

Senate Bill 1979 aims to provide property owners with the money they are owed in a timelier manner by increasing the yearly limit on the amount of property tax overpayments that may be refunded to $5 million from $2.5 million.

Each year, the current threshold is reached very quickly, which causes a long-term backlog in refunds that property tax owners are entitled to.

SB 1979 is sponsored by State Senator Bill Cunningham and State Representative Fran Hurley, Democrats representing parts of Chicago and the Southwest Suburbs.

“Property owners should not be put on a years-long waiting list to receive money that is rightfully theirs,” Cunningham. “This legislation would alleviate that backlog by doubling the amount of money Cook County is authorized to award each year for overpaid property taxes.”

In 2017, 402 taxpayers did not receive a refund for their overpaid taxes, according to research Kensington Research & Recovery, a firm that assists taxpayers with obtaining refunds.

There is currently an estimated $94.1 million in unclaimed tax overpayments, according to the Cook County Treasurer’s office.

“Cook County’s current system for issuing refunds for overpaid property taxes is simply unsustainable. Based on preliminary data, hundreds of taxpayers are set to go another year without receiving their refunds,” Hurley said. “Senate Bill 1979 will accelerate the process in which the nearly $100 million owed to property owners is recovered.”

Under SB 1979, if payment of a claim for a refund would cause the total amount of taxes and interest for all claims to exceed $5 million for the given year, the refund will be paid in the succeeding year.

SB 1979 awaits the Governor’s signature to become law.

 

Category: Press Releases

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Springfield Office:
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