An effort to revamp Cook County’s property tax scavenger sale system and close loopholes that fueled disinvestment in communities home to Black and Latino residents is now law.
. The study was part of a concerted effort by her office to revamp the system designed to return distressed properties saddled with mountains of tax debt to productive use.
The new law will slash the annual interest rate on delinquent property taxes from 18% to 9%, in an effort to reduce the number of properties auctioned off because they are so far behind on their tax bills. Property owners have another opportunity to pay their back taxes and penalties and regain full ownership. But if they miss the deadline, the winning bidder gets the deed to the property, often after paying only a fraction of the property taxes owed.
Annually, the Cook County Treasurer’s office auctions off the unpaid property taxes from the previous year in an effort to recoup some of the lost revenue for taxing agencies, like school districts. Once that debt is purchased and a lien is placed on the property, the interest on those unpaid taxes grows at a 12% interest rate, making it very difficult for property owners to repay that debt and regain complete ownership of their home, according to the study.
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