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Cook County Announces 2014 Tax Sale Date

| April 29, 2016
By: Evan M. Sauer
      evan@rdlawyers.com
      877-809-4567 x3

Make sure you pay your past due 2014 taxes, Cook County just announced the tax sale date, June 3, 2016.

Under Illinois law, the Treasurer is required to conduct an annual tax sale at which delinquent property taxes are sold.  The annual sale of 2014 taxes includes properties in Cook County eligible for sale due to delinquent Tax Year 2014 property taxes (including, without limitation, general property taxes, back taxes, etc.) and/or delinquent special assessments.

If you fail to pay your past due real estate taxes for 2014 and prior, you may suffer grave consequences, including: interest, penalties, expenses, and even loss of your property. If your taxes are sold at the annual tax sale, you will have two years from the date of sale (longer for specific properties) to redeem the taxes sold. The amount of redemption will include:

1.    all tax principal, special assessments, interest, and penalties paid by the tax purchaser together with costs and fees of sale;

2.    the accrued penalty computed through the date of redemption as follows:

       a.    if the redemption occurs on or before the expiration of 6 months from the date of sale, the certificate amount multiplied by the penalty bid at sale;
       b.    if the redemption occurs after 6 months from the date of sale, and on or before the expiration of 12 months from the date of sale, the certificate amount multiplied by 2 times the penalty bid at sale;
       c.    if the redemption occurs after 12 months from the date of sale and on or before the expiration of 18 months from the date of sale, the certificate amount multiplied by 3 times the penalty bid at sale;
       d.    if the redemption occurs after 18 months from the date of sale and on or before the expiration of 24 months from the date of sale, the certificate amount multiplied by 4 times the penalty bid at sale;
       e.    if the redemption occurs after 24 months from the date of sale and on or before the expiration of 30 months from the date of sale, the certificate amount multiplied by 5 times the penalty bid at sale;
       f.    if the redemption occurs after 30 months from the date of sale and on or before the expiration of 36 months from the date of sale, the certificate amount multiplied by 6 times the penalty bid at sale.

The penalty bid is 12% per penalty period as set forth in the above sub-paragraphs. 35 ILCS 200/21-355.

Evan Sauer  is a Chicago real estate and business attorney at Reda & Des Jardins, LLC a forward-thinking, technologically savvy law firm providing top-notch legal services to clients ranging from startups to large companies in a variety of industries. R&D's practice includes business, real estatelitigation, and estate planning.

 

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