The Cook County 2005 Tax year Annual Tax Sale is coming to a close this month end at 69 West Washington. Over 37,000 property parcels of delinquent real estate tax liens from the Tax year 2005 were offered for sale. Cook County is one of the nation’s counties with the most bank foreclosures and REO filings. Pre foreclosure filings in Illinois year to date are surpassed in total only by California and Florida. Make sure you search the Illinois foreclosure listings.
In Illinois the taxes derived from property are a primary source of income and pay for such community services as schools and fire departments. Delinquency is taken very seriously, and there are many procedures available to the Illinois County collector to secure payment, often ending with an order authorising sale in satisfaction of the judgment debt. At the Annual Sale, the investor is buying a Lien not a Deed. Pre-qualified bidders actually bid on the rate of interest penalty they will take at redemption, bidding down from the highest rate of 18%. The winning bidder pays all the delinquent taxes in cash. The majority of property owners will redeem their properties, and the:
- Redemption periods are 2yrs 6 moths for residential, 2 years for commercial real estate.
- The Scavenger Sale is held every odd numbered year, around November, and will include any parcels unsold from the annual sales. The tax buyer at this sale takes a different approach, bidding on the taxes like a regular auction, knowing the likelihood he will end up with the property, can foreclose in a short period of time (the redemption period is 6 months) and receive the Deed.
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Written by Alex Rolim.
