"While enriching a small class of investors, Illinois’ tax sale law has inflicted devastating harm on low-income, elderly and minority homeowners, who are most vulnerable to tax delinquency."
It will stop when the Marxists have all the property. This is what Marxists do.
Publius
4 months ago
Here’s how things can go wrong.. Ford Heights has a tax of roughly $8,200 yearly for a 100k house. By the time the statutory redemption period is up, the tax buyer will have paid 3 and a half years of taxes. So, 20.5k plus interest and fees for back taxes could put the final redemption bill at 30k. Add in another 20k to petition for a tax deed, auction fees, etc. and you are at 50k. If someone shows up to court and says they weren’t served or a mistake was made, legal fees will be a lot higher. What… Read more »
Publius
4 months ago
There’s so much wrong with this article. Why was it written by a black history professor instead of a tax professional? It’s hilarious that he excuses the state for making errors, and professional investors for exploiting it, and then suggests the state should take on a larger role?? The purpose of the original laws were to provide liquidity and enforce the law. If you can’t make a payment after 3 years and tons of warnings, maybe you shouldn’t own a home. The interest is no different than high credit card rates. I walked through the sales procedure in another thread… Read more »
Frank Miller
5 months ago
It will stop when people sue the individuals who are responsible, not the State. Take them to federal court where they have no friends.
There aren’t individuals responsible. It’s a statutory procedure and a deed is issued by a judge after it’s proven the tax buyer satisfied all statutory requirements for the deed.
Why am I the only one that understands this is a massive power grab by the state?? The current proposals I’ve looked into allude to responsible tax payers picking up the slack for those that aren’t responsible. The proposals provide less incentive for people to pay their taxes, and they give the state way more power and some new chaos to take advantage of.
A largely unasked question is becoming glaring: Is Illinois doing all it should to use artificial intelligence to make government cost less and work better? So far, the evidence says no.
It will stop when the Marxists have all the property. This is what Marxists do.
Here’s how things can go wrong.. Ford Heights has a tax of roughly $8,200 yearly for a 100k house. By the time the statutory redemption period is up, the tax buyer will have paid 3 and a half years of taxes. So, 20.5k plus interest and fees for back taxes could put the final redemption bill at 30k. Add in another 20k to petition for a tax deed, auction fees, etc. and you are at 50k. If someone shows up to court and says they weren’t served or a mistake was made, legal fees will be a lot higher. What… Read more »
There’s so much wrong with this article. Why was it written by a black history professor instead of a tax professional? It’s hilarious that he excuses the state for making errors, and professional investors for exploiting it, and then suggests the state should take on a larger role?? The purpose of the original laws were to provide liquidity and enforce the law. If you can’t make a payment after 3 years and tons of warnings, maybe you shouldn’t own a home. The interest is no different than high credit card rates. I walked through the sales procedure in another thread… Read more »
It will stop when people sue the individuals who are responsible, not the State. Take them to federal court where they have no friends.
There aren’t individuals responsible. It’s a statutory procedure and a deed is issued by a judge after it’s proven the tax buyer satisfied all statutory requirements for the deed.
Why am I the only one that understands this is a massive power grab by the state?? The current proposals I’ve looked into allude to responsible tax payers picking up the slack for those that aren’t responsible. The proposals provide less incentive for people to pay their taxes, and they give the state way more power and some new chaos to take advantage of.