Delinquent properties are eligible for the Cook County Tax Sale, which is administered by the Cook County treasurer’s office. That’s where a private investor buys the debt and can make a big profit off of it.
Retired schoolteacher Henry Johnson has lived in a bungalow on North Kedvale for 42 years.Thanks to our sponsors:“My wife was sick and she was an educator ... she was able to help with everything, but after that there was a big dip,” Johnson said.
After the debt purchase, the investor can turn around and charge the homeowner 12% interest every year. The homeowner has three years to pay this off before possibly losing their property altogether.Henry Johnson’s original tax bill was less than $1,800. Subsequent bills, interest and fees shot his total payment up to $8,173 dollars — all owed at once if he wanted to keep his home.
“They actually have their American dream, and we’re taking it away from them at a percentage of the home,” Johnson said. “It’s disheartening.” To make matters worse, the investor rarely keeps the property when it comes time to go to deed. In fact, they can get their initial investment back.found that many tax buyers used a loophole in state law to get a full refund on the property taxes they paid.
The study found that local taxing bodies paid out $280 million over the last eight years to tax buyers as a result of the sale in error loophole.
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