Pummeled by the pandemic, numerous hotels and shopping malls in Cook County have skipped their latest property tax payment.
And the total has added up to nearly $500 million the county hasn’t collected, according to Crain’s.
In Chicago, Hilton and Marriott brands, and the luxury Drake Hotel on North Michigan Avenue have accrued the biggest unpaid bills. That’s despite the county having extended the deadline two months without penalty, to Oct. 1.
Even the Hilton Chicago O’Hare Airport, which is owned by the city of Chicago and is operated by Hilton, is late in paying its taxes.
Among the malls topping the list are Old Orchard, Northbrook Court and River Oaks. Lincoln Mall in Matteson also owes millions, according to Crain’s.
Property tax payments for homeowners were also extended, also to Oct. 1.
“People, tourists and conventions and families are cancelling plans to come to the city, and as a consequence, hotels and businesses are in rapid decline,” County Treasurer Maria Pappas said, according to Crain’s. She added that “who didn’t pay is a reflection of all of this, and a sad economic outcome.” [Crain’s] — Sasha Jones