Taxes on 15,000 Properties Sold at Annual Tax Sale
Pappas Says Homeowners Have Two Years to Redeem
CHICAGO, Sept. 19, 2013 /PRNewswire-USNewswire/ -- Cook County Treasurer Maria Pappas announced today that the unpaid taxes on more than 15,000 properties were sold at the Annual Tax Sale, recovering over $60 million in previously uncollected revenue.
"The money from property taxes is essential to operate local municipalities," said Pappas. "But the downturn in the economy has taken a toll on Cook County families and some are unable to pay. We want to make sure property owners whose taxes have been sold are treated fairly and are aware of every opportunity to pay their taxes so they are able to keep their homes."
The Annual Tax Sale is an auction of unpaid taxes that the Treasurer's Office is required to conduct by state law. This year's Sale of delinquent taxes, from Tax Year 2011, was held August 5-12. A total of 51,560 Property Index Numbers (PINs) were available for auction, 16,711 of which were purchased by tax buyers.
Most of the money recovered from the Sale will be used by 2,200 taxing agencies and local governments across Cook County to pay for schools, police and fire protection and other community purposes, Pappas said.
Homeowners whose delinquent taxes are sold have up to two years to redeem – pay their bill with interest, fees and penalties. Owners of commercial and industrial properties may have less than two years to redeem. Once the redemption period expires, the buyer can begin legal action in court to obtain the title to the property.
Taxpayers can learn if their taxes were purchased and how to redeem their taxes from tax buyers by contacting the Clerk's Office at www.cookcountyclerk.com or calling 312.603.5656.
SOURCE Cook County Treasurer's Office