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The property owners say the south suburb’s practice of charging 10 percent compounding late fees a month on delinquent water bills isn’t legal in Illinois. In Chicago, a penalty of 1.25 percent is added to late payments on water bills, but the fees aren’t compounded.
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Reminds me of a tax to make property taxes more affordable!
The 10% compounding interest is a steep penalty for non-payment. One would think that such a harsh penalty would strongly encourage homeowners to pay their delinquent water bills, but apparently deadbeats gonna deadbeat. Let them put cisterns on their roofs to collect drinking and bathing water.
No 3K grace past due amount like some folks got? Not very equitable.