Judgement Lien For Taxes In Cook
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After delinquent taxes are sold at a tax sale, those sold taxes must be repaid (“redeemed”) in order for the current owner not to lose ownership of the property. The County Clerk's Office administers the redemption process. The County Treasurer's Office collects payments on taxes billed in the current year.
For residential properties of 1-6 units, the minimum period of redemption is 2½ years. For all other properties (commercial, vacant, etc.), the minimum is 2 years. In either case, the tax buyer can, at their discretion, extend the final date to redeem up to a maximum of 3 years per Illinois Statute 35 ILCS 200/21-385.
The redemption period may range from 6 to 36 months, depending on when the tax certificate was issued, the property type, and whether there is an extension. For tax certificates issued on or after January 1, 2024, most redemption periods are 30 months from the date of the tax sale.
Lien and Judgment Negotiation Locate your creditor and find out how much you owe: This can often be the most challenging part of lien negotiation. Evaluate and explain whether it is worth it to try and negotiate the lien or judgment: Some liens are negotiable and some aren't. Negotiate: Negotiation is an art.
Because a judgment lien, unlike a tax lien, attaches only to real property of the judgment debtor, a judgment lien can be obtained against personal property only by seizing the property under the judgment enforcement procedures.
Also referred to as a tax judgment or tax lien, a tax warrant provides the Tax Department many options to take collection action against you or your business.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment lien, sometimes referred to as an “abstract of judgment,” is an involuntary lien that is filed to give constructive notice and is to attach to the Judgment Debtor's property and/or assets.
If the piece of property you're looking to buy is in a county that doesn't have an online database, you can always call the county's Treasurer's office and give them the parcel number. They will be able to look up any back taxes and tax liens for you.
Offline Options: County Court Clerk's Office: Visit the clerk's office in the county where the property is located and request a tax lien search for the specific property. County Treasurer's Office: Similar to the clerk's office, Illinois county treasurers may offer in-person tax lien search services.
Online Options: County Websites: Most Illinois counties and their recorder/accessors offices offer online platforms to search for property tax information and associated liens. Illinois Department of Revenue: Inquirers may visit the State Tax Lien Registry website and search for liens by debtor name or tax lien number.
