A new proposed bill would cut the yearly interest rate owed during the first year of delinquency in half, from 18% to 9%. “If your penalty is now $500, it’s now gonna be $250,” Pappas said. “In this economy, that’s a lot of money for a homeowner.”
If homeowners are delinquent more than a year on making property tax payments, they’re at risk of owing large interest payments to private investors who buy up that debt. Ultimately, the homeowners could face losing their homes. After some noteworthy studies put out by the Cook County Treasurer’s Office, some lawmakers said it’s time to give those residents a fair shot at keeping their homes.
After that, his property — like all properties one year behind on their tax bills — went to the Cook County Tax Sale, where private investors can swoop in to buy up the debt. Those investors charge up to 12% per year for a total of 54% interest over the course of three years. “We’re talking about people’s lives. We’re talking about the homes that they live in,” said Anthony Simpkins, the head of a nonprofit organization called Neighborhood Housing Services. Simpkins said many homeowners resort to drastic methods to get out of debt.
“The website of the assessor says there’s an air conditioner, but there’s no air conditioner or no toilet,” Pappas said, describing how the loophole is exploited. “Here, take it back.” West Side resident Henry Johnson owed $8,173 in taxes and interest after his property tax lien got sold in the Cook County Tax Sale.
Brasil Últimas Notícias, Brasil Manchetes
Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.
Deeds for 12 vacant lots presented by Cook County Land Bank AuthorityThe Cook County Land Bank was established in 2013. It acquires tax-delinquent, abandoned lots and sells them to community-based developers. On Saturday, 9 recipients along with a local nonprofit got the deeds to their lots.
Consulte Mais informação »
Chicago woman charged with murder in death of 4-month-oldThe Cook County Medical Examiner says the baby died from multiple injuries from child abuse.
Consulte Mais informação »
Boys Basketball Top 20 for Feb. 20: New occupants with state tournament underwayThree new teams find Top 20 homes after busy week of county/conference tournaments
Consulte Mais informação »
Chicago suburb gets huge movie screen • former MTV star wanted by police • woman flees cops at 120 mphThe largest movie screen in the state of Illinois is coming to the Chicago suburbs with a new Emagine Entertainment theater; a former MTV star from Orland Park is wanted by police for allegedly trying to meet an underage girl for sex in Lake County; and a Cook County woman was in court this week for allegedly leading police on a chase reaching speeds of 120 mph. These are the top stories from FOX 32's Week in Review.
Consulte Mais informação »
Biden takes new steps to address racial inequality in gov't - New York Amsterdam NewsPresident Joe Biden on Thursday ordered the federal government to do more to address racial inequality as the challenges and complexities of systemic racism are again drawing the public’s attention.
Consulte Mais informação »