Cook County Treasurer Maria Pappas spearheaded the passage of the most significant property tax reform legislation to be approved by the General Assembly in decades. The interest rate homeowners and businesses in Cook County are charged for late property tax payments will drop from 18 percent a year to nine percent a year. The interest rate reduction will save struggling property owners between $25 million and $35 million a year, with most of those savings benefiting Black and Latino communities. “The vast majority of property owners who fall behind on their property taxes are in predominantly Black and Latino communities,” Pappas said. “These changes will prevent millions of dollars of generational wealth from being stripped from these households. This is a key step toward greater equity in Illinois’ property tax system and long overdue.” The Illinois General Assembly passed Pappas’ Property Tax Equity Legislation — now a collaborative effort with The Chicago Community Trust philanthropic organization — on Wednesday, May 24. Governor JB Pritzker signed it into law. The legislation was drafted by Pappas’ office following the release of studies by her research team last year. Pappas put the team together nearly two years ago to investigate flaws and inequities in the sprawling and complex property tax system. The Pappas studies can be found at www.cookcountytreasurer.com.