Illinois Sample Letter for Tax Deeds
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FAQ
In addition to the municipal transfer tax, each county in Illinois assesses a transfer tax at the rate of 50 cents per thousand dollars of the sale price. TRANSFER TAXES ARE ASSESSED WHEN A PROPERTY IS TRANSFERRED/SOLD.
Illinois Income Tax Lien (35 ILCS 5/1101) This is a state lien on the property of any person who fails to pay his or her state income tax. The statute of limitations is 20 years from the date of recording of the lien. The previous five year statute of limitations was extended to 20 years effective 1984.
It's worth noting that in a tax sale, it is the tax lien that is sold, not the property itself. The owner has a 24 to 30-month period in which to redeem those taxes (i.e. pay them off plus any penalties). If they fail to redeem their taxes, the buyer gets a tax deed and is entitled to do as they will with the property.
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.
2-3 Years Following Tax Sale: Period of redemption: Following the tax sale, the property owner (or other financially vested party) has a period of time to redeem the taxes before they could lose ownership. For residential properties of 1-6 units, the minimum period of redemption is 2½ years.
In order to obtain a tax deed, you are required to pay all taxes which have arisen after the taxes covered by your Certificate of Purchase. You may pay those taxes either before or after the redemption period expires.
States can be generally divided between tax lien states or tax deed states. Illinois is a tax lien state. However, not every tax lien state operates the same. Illinois is particularly attractive to investors looking for a solid rate of return as the penalty interest amount can be as high as 36%.
Whenever a tax auction takes place, whether it's a tax lien certificate auction or a tax deed auction, what happens? The mortgage is wiped out.
