Client: Chicago Community Trust

Source: WGN9

Governor Pritzker is expected to sign a bill that would close a property tax loophole that many have complained about for years.

It’s known as the “sale in error” approach and is often used by large institutional investors looking to profit from holding on to a delinquent tax bill.

Ianna Kachoris is with The Chicago Community Trust.

“What we hope for the bill to accomplish is that it unlocks all of these properties that have been stuck in a cycle of tax sales for the last several decades and allows them to be redeveloped for community wealth building purposes,” she said.

Florence Spann is hoping the legislation allows her to purchase one of the lots next to her South Side home. She’s been maintaining the land for years but has been unable to purchase it.

Studies show that only about 6% of abandoned properties end up in the hands of individuals like her.

“We would make probably a garden or a playground for my grandson,” she said.

The Chicago Community Trust, the Cook County Treasurer’s Office and others worked on these changes.

Critics of the legislation say it turns the properties over to the Chicago Land Bank a lot quicker, giving the real homeowner less time to pay up what’s owed.

If signed, it may take about a year to see how the changes will impact communities.