Illinois’ property tax sale system on path to potential reform

Client: Chicago Community Trust

Source: Chicago Tribune

A new Senate bill amendment backed by the Cook County treasurer’s office and the Chicago Community Trust seeks to reform Illinois’ property tax sale system.

Backers such as state Rep. Kam Buckner, a Chicago Democrat, say the bill would cut the cost for homeowners trying to pay off property tax debt in half, close a loophole that critics said allowed private investors and hedge funds to profit off local governments and help get vacant or abandoned properties back on the tax rolls