Illinois Take Notice (Property Sold For Delinquent Taxes) is a program run by the Illinois Department of Revenue which allows counties to sell properties that have delinquent tax payments for a minimum bid. The sale of these properties is done in a public auction where the highest bidder wins the deed and title of the property. The purpose of the sale is to collect unpaid taxes and fees owed to the county. There are two types of Illinois Take Notice (Property Sold For Delinquent Taxes): Tax Deed Sales and Tax Sale Certificates. Tax Deed Sales involve the transfer of legal ownership of a property from the county to the highest bidder. The bidder must pay the amount of the minimum bid plus any unpaid taxes. The new owner will be responsible for all taxes and fees and will also be responsible for any liens or mortgages that may be attached to the property. Tax Sale Certificates are issued when a property has delinquent taxes. The certificate must be paid in full within two years or the county will take ownership of the property. The certificate holder is responsible for all taxes, fees, and any liens or mortgages that may be attached to the property.
Illinois Take Notice (Property Sold For Delinquent Taxes)
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The Local Government Revenue Recapture Act allows a local government (i.e., a municipality or county) to contract with a third party to ensure that the local government receives the correct tax disbursement from the Illinois Department of Revenue (IDOR).
After 20 years the tax lien shall be discharged and released. Actions for the collection of any delinquent installments of special assessments or special taxes, or the enforcement or foreclosure of the special assessment lien shall be commenced within 30 years after the installments became delinquent.
This means taxing bodies will automatically charge property owners for governments' taxation errors. It's known as Illinois' property tax "recapture" provision. You can read more about the changes to the law at illinoisanswers.org.
You will qualify for the property tax credit if: your principal residence during the year preceding the tax year at issue was in Illinois, and. you owned the residence, and. you paid property tax on your principal residence (excluding any applicable exemptions, late fees, and other charges).
You must ?redeem,? or pay, the delinquent taxes, and penalties, plus costs, to the county clerk within 30 months of the tax sale. If you do not, the tax buyer can ask the court for a tax deed.
When a property owner fails to pay property taxes, the county in which the property is located creates a lien on it for the amount owed. Tax liens are sold in order to recoup losses from unpaid taxes, and the buyers of those liens get the benefit of investing in a piece of real estate.
The Local Government Revenue Recapture Act was enacted as a means to ensure Illinois local governments (i.e., municipalities and counties) receive their correct tax disbursements from the Illinois Department of Revenue (IDOR).
File a petition for a tax deed. If the redemption period expires and the owner has not paid the delinquent property taxes, start a lawsuit in the circuit court where the property is located. Ask the judge to order the county clerk to issue a tax deed in your name.