Property Owners Have Two Years to Redeem Purchased Taxes
CHICAGO, Aug. 4, 2011 /PRNewswire-USNewswire/ -- Cook County Treasurer, Maria Pappas today announced more than 20,000 parcels of property were purchased during the Annual Tax Sale, recovering more than $90 million of delinquent debt. The Annual Tax Sale is an auction of unpaid taxes that the Treasurer's Office is required to conduct by state law.
"The money collected from property taxes is essential for the operating expenses of local municipalities," said Pappas. "At the same time, 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 home."
This year's Annual Tax Sale of delinquent taxes from Tax Year 2009 was held July 19-26. A total of 37,827 Property Index Numbers (PINs) were available for auction, and 20,814 of those PINs were purchased. 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 and other community purposes.
Property owners whose delinquent taxes are sold have up to two years to pay their bill in full, which includes interest, fees and penalties. Once the redemption period expires, the buyer can begin legal action in court to obtain the title to the property.
Taxpayers can visit the Treasurer's website at www.CookCountyTreasurer.com to learn if their taxes were purchased and receive instructions on how to contact the Cook County Clerk's office to redeem their taxes. Questions about redemptions can be answered by the Clerk's Office at www.CookCountyClerk.com or calling 312.603.5656.
SOURCE Cook County Treasurer's Office