Illinois

In State Info by TSL Admin


Primary Sale Type:Tax Lien Certificateillinois
Secondary Type(s):Tax Deed / Scavenger Sale / OTC
Sale Date(s):Varies: set by taxing jurisdiction
Bid Type:Bidding-Down-Interest
Rate of Return:18% penalty - maximum interest (multiplied depending on date redeemed)
Redemption Period:6 months - 3 years from date of sale (varies depending on property type and back taxes owed)
Over-the-Counter:Varies: set by taxing jurisdiction
Statute Section(s):IL Compiled Statutes - CH 35, Title 7
State Website:www.illinois.gov

State Overview:

There are 102 counties in the state of Illinois.

County Directory

The two most populous areas in Illinois are Cook (5,376,000+) and DuPage (904,000+) County.

Search Demographics:

Illinois utilizes a tax lien certificate system to collect delinquent property taxes. Illinois also conducts what is called a Scavenger Sale, held biennially on odd numbered years, for delinquent properties that were not sold during the annually scheduled sale. In the time between the annual sale and scavenger sale, parcels forfeited to the county may be available over-the-counter depending on the individual counties preferences.

Auction Process / Redemption:

Illinois is an oral bid state. Illinois requires a preregistration with a deposit at least 10 days before the auction. Counties usually publicize the sale of the auction about a month prior to the sale. The state rate of return is set at 18% interest, however bidders compete through a 'Bid Down Interest' system. Generally a 2 year redemption period is standard. The owner of the tax lien certificate has the option to extend the redemption period to 3 years from the date of the sale.

No bid shall be accepted for a penalty exceeding the maximum of 18% . The penalty percentage is then computed through the date of redemption as a percentage of the certificate amount, as follows:

* Redeemed within 06 months - penalty bid at sale;

* Redeemed within 12 months - two times the penalty interest rate bid;

* Redeemed within 18 months - three times the penalty interest rate bid;

* Redeemed within 24 months - four times the penalty interest rate bid;

* Redeemed within 36 months - five times the penalty interest rate bid. (Sec. 21-355)

The person redeeming from scavenger sales shall pay interest on that part of the amount for which the property was sold equal to or less than the full amount of delinquent taxes, special assessments, penalties, interest, and costs, included in the judgment and order of sale as follows:

(1) If redeemed within the first 2 months from the date of the sale, 3% per month upon the amount of taxes, special assessments, penalties, interest, and costs due for each of the first 2 months or fraction thereof.

(2) If redeemed at any time between 2 and 6 months from the date of the sale, 12% of the amount of taxes, special assessments, penalties, interest, and costs due.

(3) If redeemed at any time between 6 and 12 months from the date of the sale, 24% of the amount of taxes, special assessments, penalties, interest, and costs due.

(4) If redeemed at any time between 12 and 18 months from the date of the sale, 36% of the amount of taxes, special assessments, penalties, interest, and costs due.

(5) If redeemed at any time between 18 and 24 months from the date of the sale, 48% of the amount of taxes, special assessments, penalties, interest, and costs due.

(6) If redeemed after 24 months from the date of sale, the 48% provided for the 24 months together with interest at 6% per annum thereafter on the amount of taxes, special assessments, penalties, interest and costs due (Sec. 21-260).

State Resources:

www.city-data.com
www.naco.org
ResourceDescriptionInstructions and Additional Information
Illinois Department of Public Health, Illinois Vital RecordsState Public Health Site.NA
State of Illinois, Living in IllinoisIllinois Resident Site.NA
llinois Association of County Board Members and CommisssionersState Officers Website.NA
Illinois State Treasurer's E-PayState Website for Tax Payments.NA
Illinois County WebsitesThe Illinois Association of County Board Members site has links for Illinois county websites.NA
Illinois Surplus Tax Sales78 out of the 102 counties in Illinois use iltaxsale.com.NA