Cook County Treasurer Maria Pappas speaks to the Cook County Finance Committee about her office's studies on the property tax code on Oct. 25, 2022. [Cook County Board of Commissioners Livestream]

A new law would reform the Illinois tax code to close a loophole that the Cook County Treasurer’s Office has demonstrated to have sapped millions from taxing districts and mostly harmed communities of color. 

The overhaul to the tax code included in the legislation would also slash the interest rate for late property tax payments and reform the so-called Scavenger Sale system.