Additional Tax Distribution on June 8, 2017 in Will County

To: Will County Taxing Districts

From: Steve Weber, CPA, Will County Treasurer

Subject: Additional Tax Distribution on June 8, 2017

Our office will make an additional property tax distribution to all 343 taxing districts in Will County on June 8, 2017.  We added this extra distribution in order to disburse sizeable mortgage escrow payments that were not collected in time for our first distribution on May 25th.

As you may know, my office distributed approximately $126.7-million in property taxes in the first distribution.  While the distribution included over 95-percent of tax payments remitted to date, it did not include our largest mortgage escrow payments from Core Logic.  With our next distribution not until June 22, 2017, we believe it is unfair to towns, villages, schools and libraries to hold such a large sum of money when we could pass it along with some extra effort and become part of the solution to this states cash flow problem.

We hope this proactive decision will bolster cash flow requirements in early June, especially districts impacted by the State’s financial condition.

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