Legal Question in Tax Law in Illinois

Re: Delinquent Property Tax

The purchaser of the delinquent property tax places himself/herself in a position to obtain title (ownership) in the property in question, IF, he/she perfects the statutory requirements. Purchasing a tax certificate also is beneficial in that the purchaser can get interest on the initial money paid for the delinquent taxes and, as much as 18%-24% on the subsequent taxes paid relating to any taxbills which are unpaid AFTER the tax year of the delinquency. Nowhere can you find that kind of interest on money, especially in these trying times, which is why tax purchasers of certificates take the risk. 90% or more of properties where tax purchasers "buy" certificates at a tax sale are "redeemed", meaning the owners come in and pay back the money that was delinquent, the interest owed and any expenses incurred in order to "perfect" the certificate-holder's efforts to take a "deed" to the property.

It is not up to the certificate holder to accept or refuse payment offered by an owner. The owner of the property (you) must contact the local tax collector (or Treasurer) for the county where the property is located and get an "Estimate of Redemption" in order to find out what amount of money will have to be paid in order to stop the certificate holder from being able to obtain a "tax deed" to the property. It is an "all or nothing" proposition. The property owner either pays all of what is owed or they will risk losing their property. A deficiency of even 1 cent will typically not be accepted by the local tax collector or county treasurer which is why the certificate purchaser demanded FULL payment.