Tax Buyer Bid Penalty: Whatever percentage the winning (lowest) bidder bids at the tax sale, that amount is applied immediately and every six months thereafter.Redemption Fee: A fee of $63 is added to cover redemption-associated County Clerk costs.Cost of tax sale: Various charges related to the tax sale totaling $94 are added immediately before sale.Final notice: The Treasurer’s Office sends out final notices before the tax sale, which adds a $10 charge to the account.Interest: Interest accrues at 1½% per month for any portion not paid on time.
Green book properties are sold on an “as-is” basis, with no guarantees of any kind made by the County Clerk’s Office.Ĭharges Accrued During Redemption Process (pursuant to State Statute)Ĭounty Treasurer charges (before tax sale) The County Clerk will issue a Quit Claim Deed to the party whose bid is accepted. Sealed bids are held for 30 days before being opened. Each property is listed with a minimum recommended bid, based on the assessed value of the parcel. After Tax Deed Issued: County of Lake, Trustee sells “green book” properties: Any properties for which Lake County, as trustee, takes title are entered in our “green book”-a list of all County-owned properties available for sale.This same procedure takes place if Lake County, as trustee, is the tax buyer. The Court orders the County Clerk to issue a Tax Deed, transferring ownership of the property to the tax buyer. The Circuit Court reviews the evidence and must be satisfied that the tax buyer has fulfilled all statutory obligations and the period of redemption has expired. After Redemption Period Expires: Tax buyer obtains deed to the property.In either case, the tax buyer can, at their discretion, extend the final date to redeem up to a maximum of 3 years. For all other properties (commercial, vacant, etc.), the minimum is 2 years. For residential properties of 1-6 units, the minimum period of redemption is 2½ years. 2-3 Years Following Tax Sale: Period of redemption: Following the tax sale, the property owner (or other financially vested party) has a period of time to redeem the taxes before they could lose ownership.
After the tax sale, the County Treasurer turns over responsibility for collection to the County Clerk. If no one bids on a property, Lake County, as trustee for the taxing districts involved, becomes the default tax buyer at 18% every six months. Bids range from a maximum 18% every six months to 0%.
This fee is a percent of the taxes sold, and will be added to the balance at the tax sale and every six months thereafter. Tax buyers bid their “service” fee for paying the taxes, with the lowest bid winning. End of November/Beginning of December: Tax sale: Any remaining unpaid taxes, with accrued interest and fees, are sold at a two-day tax sale.The County Treasurer’s Office collects payments on taxes billed in the current year.The County Clerk’s Office administers the redemption process. After delinquent taxes are sold at a tax sale, those sold taxes must be repaid (“redeemed”) in order for the current owner not to lose ownership of the property.
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