How Much Are Interest Penalties and When Are Interest Charges Assessed?
The interest penalty is 1.5% per month and in order to follow Statute 35 ILCS 200/21-15 interest charges begin the day after the due date. Statute 35 ILCS 200/21-15 ” Except as otherwise provided in this Section or Section 21-40, all property upon which the first installment of taxes remains unpaid on June 1 annually shall be deemed delinquent and shall bear interest after June 1 at the rate of 1 ½% per month or portion thereof…all property upon which the second installment of taxes remains due and unpaid on September 1, annually, shall be deemed delinquent and shall bear interest after September 1 at the same interest rate…Payment received by mail and postmarked on or before the required due date is not delinquent.
