About 166,000 taxpayers are receiving notices that they owe $662 million in property taxes, Cook County Treasurer Maria Pappas said today. Pappas advised homeowners to make sure their mortgage companies had paid their taxes if they had an escrow account with the companies.

"If your mortgage company was supposed to pay your property taxes but did not, that company is responsible for late penalties," Pappas said.

The Treasurer's Office finished collecting taxes on 1.7 million parcels across Cook County for the second installment of tax year 2001 on November 1. Bills paid after November 1 receive penalties of 1.5 percent a month. Unpaid taxes can be sold and the owner can lose the property.

Late notices were mailed to 166,000 taxpayers representing $662 million in taxes. About $3.6 billion was collected in on-time payments, Pappas said. Late payment can be made at any LaSalle Bank until January 15, 2003. The Treasurer's Office plans to send subsequent late notices in mid-December.

Pappas said some property owners ignore both bills and late notices because they expect their mortgage firms to pay the taxes. Homeowners with escrow accounts established for that purpose should check with their mortgage firms, or go to the Treasurer's web site at www.cookcountytreasurer.com, click on "Payment Status" and enter their Property Index Number to see if their taxes are paid, Pappas said.

Pappas, noting her office finds 3,000 mortgage-company errors yearly, said if a mortgage company does not pay as it should, the company is responsible for the penalties.

"Whether a mortgage company is supposed to pay for you or not, check and double-check about your payment," Pappas said. "Making timely payment can save a home- and business owner substantial amounts of money."

If you received a delinquency notice and pay your property taxes through a mortgage escrow Click Here.