COUNTY AS A TAX BUYER: Whenever the default tax amount of a package is offered for sale and there are no other bidders, the county offers DuPage as trustee for all tax authorities 9% and becomes the owner of the certificate. This eliminates confiscation. Once sold, these certificates can be purchased from the DuPage County Clerk. At the annual tax sale, property taxes from the previous tax year are offered for sale. If taxes are outstanding for three years or more, the debt can be offered through a sale to the treasury. At least 15 days before the sale, the owner must receive a notification by mail. Under Illinois law, the treasurer`s office is required to conduct a sale to the treasury every two years. In the treasury sale, taxes on properties with three years or more of outstanding taxes are offered for sale. Taxes are sold for spot auctions. The amount offered may be less than the total amount of taxes and interest due.
The highest bidder earns a privilege on the property. When a person buys the default tax liability, they do not buy ownership of the home and instead receive a purchase certificate representing the lien. Property taxes are due in June and September for the previous tax year. The day after the due date of each payment, interest of 1-1/2% per month is charged on the outstanding balance. If you don`t pay your taxes, the amount of tax in arrears becomes a privilege on your property. A list of default plans will be published in local newspapers in October. An electronically submitted tax sales list of default packages can be purchased by registered tax buyers for $250. The information included in the “Tax Sales” list includes the permanent package number, the name of the appraiser, the default tax amount, the balanced state value, and a column for your buyer code and bid percentage. The purchase of the list is not a prerequisite for participation in the tax sale. The feedback software will not be available for the R.A.M.S. 2 system as it is not required. If you don`t buy the county tax sales list, you`ll still get a list that only includes the package number and sales amount, not the additional information from the full list.
There will also be the same empty columns for the buyer`s code and bid percentage, so you can put a file on a USB stick that we can import during the sale. The buyer code comes from the county and is the same code you would normally use to log in on laptops. The tax sales list provided to tax buyers is for the sole purpose of defaulting on property tax sales. The use of this information for other purposes is strictly prohibited. The County Treasurer reserves the right to refuse to sell the list to tax buyers. All sales are final. The default taxes on parcels offered for sale are based solely on the legal description of the property`s index number (“PIN”) and NOT on the usual address. If you have any questions, please contact our office at 630-407-5900 or visit our website at www.dupageco.org/treasurer Some counties, such as DeKalb County, sell the list of properties scheduled for auction.
The website states: “Listings are available for a prepaid fee of $75.00. You can send your payment at any time. We will then send you a list as soon as they are available. You must “exchange” or pay default taxes and penalties plus costs to the county official within 30 months of the tax being sold. If you don`t, the tax buyer can ask the court for a tax deed. When the tax buyer receives a tax deed and registers it with the district clerk of the deeds, he becomes the rightful owner. They can then drive you out of your home. This process is explained in more detail below. The owner of a residential property usually has 2 and a half years after the sale to repay (i.e.
pay) the default property taxes. For commercial real estate and vacant land, the lead time is usually six months. Before the county sells unpaid taxes, it sends the taxpayer a notice by mail stating that the taxes are late or “late.” Late termination usually includes a delay in paying taxes. If you do not pay the taxes due by the deadline, the collector will post a notice that they will sell your taxes. You have until the day before the sale to pay all default taxes and other costs to stop the sale. After the sale, the owner has up to 2.5 years to buy the property and keep the house. If the house is not repurchased, the buyer can obtain title or deed of ownership of the house. DATE: The 2021 annual property tax sale begins on Thursday, November 17, 2022. It will continue until all default plans are sold. In cases where there are no bidders on a plot, the county becomes a 9% tax buyer as a trustee for all tax authorities.
County certificates can be purchased by tax buyers up to the amount paid by the county, with the 9%. A list of available packages is available at the Treasurer`s office. Please direct requests for the purchase of county certificates to the DuPage County Clerk. There are no confiscations (unsold packages) available for over-the-counter purchases after sale. TAX SALE LIST: The tax sales list available to tax buyers registered for purchase is for the sole purpose of selling tax on overdue properties. The use of this information for other purposes is strictly prohibited. The County Treasurer reserves the right to refuse to sell the list to tax buyers. The list of electronically submitted default plans includes the permanent plan number, valuation name, default tax amount, balanced status value, a column for your buyer code, and a bid percentage. It will be available from 9 November 2022. The cost of the list is $250.
The list of tax sales is sent electronically to the e-mail address provided by the buyer on his registration form. If a printed list is preferred, it will be available from our office on November 9, 2022. Arrangements to receive a printed list must be made with our office by November 9, 2022. Purchase cheques from the list must be paid to THE DU PAGE COUNTY TREASURER. The printouts are valid for the entire county and are not available from the municipality. A tax buyer must participate in the tax sale in order to bid. Payment for purchases (late taxes + interest + cost of $104.00 per package) must be made in cash or by bank check the day after the tax sale on November 17, 2022. The legal requirements for purchase during tax sale and procedures for obtaining a tax deed are described in Illinois Compiled Statutes Chapter 35, Act 200, Section 21, which are available in public libraries or on the Internet at www.ilga.gov/legislation/ilcs/ilcs.asp. Knowledge of legal procedures and requirements is the responsibility of the tax buyer. The annual tax sale, which, by law, must also be carried out by the Treasury, is an annual auction of the previous year`s default taxes – not of the real estate itself. Investors bid on the right to pay overdue taxes and earn a lien on the property.
Then the county collector will include your property in a list of properties with default taxes, which will be published in a local newspaper. Below is an example of a DuPage County property tax bill for Wheaton, IL in Wayne Township. There are 23 separate tax districts with 23 different property tax rates! In Illinois, a tax lien auction is your chance to invest to make big profits. You are not buying the property. You acquire the right to collect outstanding property taxes plus interest. You can earn up to 18% interest every six months (36% per year). The lien is sold at a tax-deductible real estate auction. The auction is open to the public. Want to know more about DuPage Tax Districts? Here are some helpful resources. If you have a mortgage and are in arrears with property taxes, the mortgage company will likely step in to pay the taxes to the county collector.
The mortgage company wants to protect its interests in the property. * Please note: The amount shown in the report must be reduced from your $500 deposit. Glendale Heights had the highest average property tax rate of $9.9167 in 2020, but an average tax bill of $5,548.67. In Bartlett, the average property tax rate of 9.0406 resulted in an average bill of $7,868.94 due to higher estimates. Each county has different bidding rules. You need to know the rules of the county in which you want to invest. Most counties require the registration to be filed at least 10 days before the auction if you are purchasing Illinois tax privileges.