An omitted assessment, or back tax, is an additional assessment resulting from a building, home or addition, or previously exempt property which was not recorded on the tax roll for a certain amount of years.
There is no statutory limitation on the amount of years we can back tax. However, the stance taken by this office is 7 years.
State statute allows assessing bodies to recover taxes that were missed or omitted, no matter the fault of the omission.
Notification of the omitted assessment may occur at anytime after the omission is discovered.
The Omitted Tax Notice is normally mailed out in January or February of the year after the taxpayer has received the Notice of Omitted Assessment from the Assessor’s office. Tax bills for omitted property are prepared and mailed by the Cook County Treasurer at the same time as the second installment tax bill.
Yes. Penalties and interest can start accruing on the 3rd Omitted Assessment year.
Yes. The taxpayer of record at the time of the Omitted Assessment notice is notified of the taxes owed. It is therefore up to the taxpayers of record to pay any back taxes. If the taxes are not paid, the taxes are sold at the Cook County Property Tax Sale.
