Chicago Estate

• Category: Illinois Real Estate - Foreclosures
• State: Illinois
• City: Chicago
• Control #: IL-LR018T
• Format: Word; Rich Text

Description

Nonpayment of Taxes for two or more years, pursuant to the State of Illinois Property Tax Code, County Collector sold Real Estate at public sale. Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes is a legal process in which properties are auctioned off by the city government due to unpaid property taxes. This auction is held to recover the taxes owed on these properties and provide a chance for potential buyers to acquire real estate at a discounted price. The public sale of real estate for non-payment of taxes is governed by the Illinois Property Tax Code. The code dictates that if property owners fail to pay their property taxes for a specific period of time, the county government can initiate tax liens on the property. Once the tax liens are placed, the county government has the right to sell the property at a public auction to recover the unpaid taxes. The Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes typically has two main types: the tax lien sale and the tax deed sale. 1. Tax Lien Sale: In this type of sale, the county government sells the tax liens placed on delinquent properties. Investors can bid on these liens, and the highest bidder becomes the lien holder of the property. The property owner still has a set redemption period (usually around two years) to repay the delinquent taxes. If they fail to do so, the lien holder can start the process of obtaining a tax deed to acquire ownership of the property. 2. Tax Deed Sale: This type of sale occurs when the property owner has failed to redeem the tax lien within the redemption period. The county government, as the holder of the tax lien, can obtain a tax deed and sell the property at a public auction. Interested buyers can bid on the property, and the highest bidder becomes the new owner. The Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes offers potential buyers the opportunity to purchase properties at a significantly discounted price. However, it is important to note that these properties are sold as is, meaning the buyer assumes any existing liens, mortgages, or other encumbrances on the property. Conducting thorough research and due diligence is crucial before participating in these auctions to avoid any unwanted surprises. Keywords: Chicago Illinois, public sale of real estate, non-payment of taxes, tax sale, tax lien sale, tax deed sale, Illinois Property Tax Code, tax liens, tax deed, redemption period, auction, delinquent properties, discounted price, encumbrances.

Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes is a legal process in which properties are auctioned off by the city government due to unpaid property taxes. This auction is held to recover the taxes owed on these properties and provide a chance for potential buyers to acquire real estate at a discounted price. The public sale of real estate for non-payment of taxes is governed by the Illinois Property Tax Code. The code dictates that if property owners fail to pay their property taxes for a specific period of time, the county government can initiate tax liens on the property. Once the tax liens are placed, the county government has the right to sell the property at a public auction to recover the unpaid taxes. The Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes typically has two main types: the tax lien sale and the tax deed sale. 1. Tax Lien Sale: In this type of sale, the county government sells the tax liens placed on delinquent properties. Investors can bid on these liens, and the highest bidder becomes the lien holder of the property. The property owner still has a set redemption period (usually around two years) to repay the delinquent taxes. If they fail to do so, the lien holder can start the process of obtaining a tax deed to acquire ownership of the property. 2. Tax Deed Sale: This type of sale occurs when the property owner has failed to redeem the tax lien within the redemption period. The county government, as the holder of the tax lien, can obtain a tax deed and sell the property at a public auction. Interested buyers can bid on the property, and the highest bidder becomes the new owner. The Chicago Illinois Public Sale of Real Estate for the Non — Payment of Taxes offers potential buyers the opportunity to purchase properties at a significantly discounted price. However, it is important to note that these properties are sold as is, meaning the buyer assumes any existing liens, mortgages, or other encumbrances on the property. Conducting thorough research and due diligence is crucial before participating in these auctions to avoid any unwanted surprises. Keywords: Chicago Illinois, public sale of real estate, non-payment of taxes, tax sale, tax lien sale, tax deed sale, Illinois Property Tax Code, tax liens, tax deed, redemption period, auction, delinquent properties, discounted price, encumbrances.