Cook County's two-month reprieve from delinquent property tax penalties has resulted in delayed payment of almost $1.8 billion, the Daily Herald reports.

Nearly 25% of the property taxes owed in the second installment bills that were originally due Aug. 3 have yet to be paid, according to Cook County Treasurer Maria Pappas' office. More than $1.1 billion still owed is from commercial property owners in the county.

"The fact there's so many unpaid commercial bills is may be the beginning of the dam breaking for commercial real estate," Pappas said.

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