Sales of delinquent property taxes raise $1.6M

While this happened in Alabama recently, it happens here in DuPage county every year as well. Jefferson County  and local city governments in Alabama collected $1.3 million in May from selling their rights to delinquent property taxes, according to a news report.

read more

DuPage Tax Rate Booklet

Ever wondered what the tax rate tables look like for DuPage county? Well, wonder no longer – here’s the current, official tax  booklet.

Photo by kenteegardin

read more

DuPage Property Taxes rise by 12 percent

May, 2013: Property Taxes went up an average of 12% year on year for DuPage County.

Property tax bills are arriving in DuPaget residents’ mailboxes, and many are considering appealing their taxes but aren’t quite how to go about it. There are several options, aside from working with agencies who will appeal on your behalf. Recently, state Rep. Deb Conroy (D-Elmhurst) hosted a property tax appeal workshop in Glendale Heights to help DuPage residents understand the process.

read more

Schaumburg lowers property taxes. Again!

Schaumburg’s proposed 2013-14 balanced budget projects lowering the village’s property tax levy another 1 percent at the end of the year while maintaining the village’s roads and existing services.

Since the unpopular 2009 decision to impose Schaumburg’s first property tax, village officials have managed to reduce it by some degree every year as the economy and other sources of revenue have improved.

read more

Illinois’ Gov Quinn signs bill giving seniors a break on property tax. At a cost.

Senior citizens in most of Illinois will get a break on their property tax bills next year because of a bill Gov. Pat Quinn signed recently. That’s good, much-needed relief.

However, seniors getting a break means the rest of us will pay more. The tax pie won’t shrink because local taxing bodies are entitled to get the same amount they did the year before, plus the rate of inflation. That’s the way the Property Tax Extension Limitation Law, commonly referred to as tax caps, works.

read more

Fall behind on property taxes and you could lose your house to Hedge Fund Managers!

Fortune Magazine recently ran an article describing how hedge fund managers are profiting from tax liens. One investor in foreclosed homes called the buying frenzy by hedge funds “reminiscent of junk bonds.”

Recently hedge fund executives descended on Miami last month for a conference on unpaid property taxes were treated to waterfront cruises of estates owned by Madonna, Shaquille O’Neal, and Elizabeth Taylor. The houses the profit-chasing investors were hunting? Houses with tax liens.

read more