You’ll find dozens of articles online today, for Illinois and nationally, about issues surrounding deductibility of prepaid of property taxes. You may even find one for your particular county. I can’t begin to attempt to summarize them because there’s so much contradiction and inconsistency.
For Illinois, it’s yet another chapter in our miserable property tax system. Inconsistencies abound across Illinois counties and — at least for now — it looks like unfairly disparate results may be dictated by what county your property is in.
For Cook County, we wrote earlier that it appeared second half 2017 taxes (ordinarily payable in 2018) would not be deductible against 2017 taxes. In any event, Cook County doesn’t have a mechanism set up to prepay that second half.
However, I’ve talked to knowledgeable people who think that’s unclear and they intend to try to tender payment of second half Cook County taxes in hopes of making it deductible in 2017.
I’m not giving advice either way and the usual warning truly applies: Much of it depends on your particular circumstances and you need to talk to a tax professional.
-Mark Glennon is founder and Executive Editor of Wirepoints. Opinions expressed are his own.