Kane County Reporter

Kane County's treasurer is introducing new legislation to the Kane County Board which would help offer relief to property owners during the coronavirus pandemic. 

Treasurer David Rickert is in the process of drafting the new bill, the Kane County Chronicle reported. The legislation will give property tax relief to owners. 

If approved by the board, Rickert's legislation would waive the penalty for interest for the first installment, but the payment would have to be received by Sept. 1, 2020. This allows property owners three more months to pay and recover from the financial toll COVID-19 is having on residents.

“Essentially this bill would waive interest penalty for the first installment of property taxes as long as payment is received by September 1st; thereby, giving taxpayers an extra three months to recover financially," Rickert told the Kane County Chronicle. “Also, this would help prevent significant damage to our local economy and assist taxpayers in need during this health crisis."

The waived interest would only applicable to 2019 taxes paid in 2020. 

Rickert's legislation would result in $343,000 lost in state revenue, but it would be offset by Kane County's Property Tax Freeze Protection Fund which has a balance of $4.1 million. 

This legislation would cost minimal damage and help prevent future drastic decisions for the county. The Kane County Board will have the final decision for the new proposal.

“In response to the unprecedented health crisis currently facing Illinois residents due to the COVID-19 global pandemic, I have received a number of requests from taxpayers seeking economic relief from property taxes," Rickert said, as reported by the Kane County Chronicle. 

Other counties have the option of participating in the tax relief, but it's not mandatory.