Cook County taxpayers will now have an additional four months to pay delinquent property taxes before they are offered to investors. This 13-month redemption period will offer homeowners and business owners more flexibility when it comes to avoiding the annual tax sale, especially in the wake of COVID-19.
These changes come after the Illinois General Assembly shortened the period of time taxpayers had to redeem their delinquent taxes from 12 months to nine in 2014. Cook County Treasurer Maria Pappas' efforts to secure a longer redemption window culminated in the signing of SB 685 on June 5 by Governor Pritzker.
The Annual Tax Sale, required by state law, is the start of a legal process that can end in a loss of property ownership. Owners can avoid the Tax Sale by paying all delinquent taxes and interest before the Tax Sale begins. This year's Tax Sale was postponed by court order, and will be rescheduled after the Governor's pandemic disaster declaration is lifted.
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