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GENEVA – Kane County Treasurer David Rickert is drafting legislation to present to the Kane County Board that would offer property tax relief to property owners during the COVID-19 crisis, according to a news release from the treasurer's office.
The proposed legislation, if passed by the Kane County Board, would waive the interest penalty for the first installment of county property taxes as long as the payment is received by Sept. 1.
The measure would give taxpayers an extra three months to recover from the financial toll of the crisis, the release stated. The waived interest fee would only apply to 2019 taxes payable during 2020.
The release states that this measure would cost the county $343,000 in lost revenue, but could be offset by funds currently available in the county's Property Tax Freeze Protection Fund, which has a balance of $4,100,000.
The release states that the measure would be minimally disruptive to the state-mandated collection cycle, would come at a modest cost to Kane County and could prevent more drastic measures.
The release states that the County Board will have the final say in authorizing the proposal, but no date for a meeting was given.