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Public Act 123 -- New Property Tax Law

 

March 1, 2011  -  DELINQUENCY

2010 property taxes were turned over delinquent to the County Treasurer. 4% penalty fee on taxes owed and 1% interest per month.

 

March 1, 2012  -  FORFEITURE

A $175 fee plus other administrative costs are added and the property is forfeited to the County Treasurer.  The interest rate on the unpaid balance increases to 1.5% per month retroactive to March 1, 2011 (original date of delinquency).  The property is not lost at this time.

 

March 31, 2013  -  FORECLOSURE

Circuit Court hearing for Foreclosure Judgment is held.  After a redemption period, title to the property will be forfeited permanently to County Treasurer.

 
  Financial Hardship cases will be considered in early 2013.