While property owners in Chicago’s southern suburbs have the most delinquent tax bills, those who owe the most in late property taxes are landlords of big downtown commercial assets.
Cook County Treasurer Maria Pappas said that 96 percent of county property owners paid on time, but others are holding off, Crain’s reported.
Jewelry Tower, a part owner of the struggling Pittsfield Building at 55 East Washington Street still owes $3.71 million, the largest unpaid tax bill in the county, according to Pappas. The owner of the building at 140 East Walton Place, which contains The Drake Hotel, owes $1.13 million while the owners of the Leo Burnett building — which recently became the New York-based companies of investors Shaya Prager and Katherine Cartagena — owes $1.42 million.
“I think a lot of people on the list can afford to pay. They just don’t,” Pappas said. Those who pay late face a 1.5 percent monthly penalty on the amount due for late payment.
source: therealdeal