Pappas: Check your mortgage account if you refinanced this year. My office returned a record $51.2 million in property tax overpayments
The Cook County Treasurer’s Office handed back a record $51.2 million in duplicate property tax payments for the Second Installment due August 3, 2020, as homeowners rushed to refinance their mortgages to take advantage of historically low interest rates, Treasurer Maria Pappas said today.
The Treasurer’s Stop Taxpayer Over-Payment System (STOPS) automatically returns a duplicate tax payment. More than 13,324 duplicate payments were prevented for the Second Installment, a record since STOPS was launched in 2009.
"When a homeowner refinances, overpayments can occur when both the previous lender and new lender pay the property taxes," Pappas said. "STOPS prevents that. Check with your lenders to see you are entitled to a refund from them."
For the entire year, STOPS has prevented 17,771 tax overpayments totaling $87.2 million. Both figures are the highest totals since the program began.
Before taxes are due, a message for your property appears on cookcountytreasurer.com if a lender has committed to pay the taxes thereby preventing a duplicate payment
To see if there was an overpayment on your property taxes going back 20 years and to apply for a refund, visit cookcountytreasurer.com and select the purple box labeled "Your Property Tax Overview." Just enter your address.
The Second Installment was due August 3, but property owners can pay without late fees through Tuesday, October 1, 2020.
