(50 ILCS 45/25)
Application of payments.
Taxpayers have the
right to know how tax payments and remittances covered by
this Act will be applied to the tax liability owed to units
of local government. Each unit of local government must
provide, by ordinance, for the order of application of tax
payments to tax liability, penalty, and interest, provided
that in no case may a payment be applied to penalties due
before it is applied to tax or interest. In the event that a
unit of local government does not provide for application of
payments, any payment or remittance received for a tax period
will be applied first to tax for the period, then to interest
due for the period, and then to penalties due for the period.
(Source: P.A. 91-920, eff. 1-1-01.)