This video is part of my series where I explain the methods and procedure for Tax Sales in Each State. In this post, I will discuss Michigan Tax Sales.
Welcome to Illinois Tax Sales Explained
Now Illinois tax sales are one of the better Tax sale auctions for a variety of reasons.
With 102 counties, you’re not gonna run out of properties. The maximum penalty, (yes penalty not interest,) is 18% every six months. That’s huge. They have a 2 to 3 year a redemption period. Illinois Tax Sales make use of the bid down the interest system. As such, the chances of you getting that 18% Penalty is pretty slim. Then again it DOES happen. your best chances are in the rural counties where the competition lower.
There are only four counties that I know of that are not doing online auctions with Illinois tax sale.com. That’s a hint. Offline AND Rural is the best as a small investor. The timing of the sale is going to vary by county. They don’t allow over-the-counter purchases.
Also, it’s important to note that you might need a lawyer as the courts are always involved with Illinois tax sales.
Now let me tell you about another opportunity with Illinois tax sales. There are two types of sales that are held. First are the annual tax lien sales for recently Delinquent properties. Those are usually held in the fall. Then there is the Biennial Scavenger Tax Deed Sale. Big name, Right? it occurs only on odd years for properties Delinquent more years, that were not sold at the first sale.
I give Illinois a 4/5 rating. Lots of opportunity in this state.
An Awesome Resource for Tax Sale Investors
Something else that I’d like to mention. Recently, I released a 259-page book. The title is The Ultimate Dictionary of Real Estate Terms. If you plan to attempt investing in Wisconsin tax sales then this book is a MUST HAVE! Scouring the Internet, I worked with other authors’ books. Now, I deliver you guys a reference that has defined more than 4300 terms related to real estate. It’s available at Amazon and Barnes & Noble and about 200 other retailers. The price is around $20 but at the end of this post, I will show you how you can get it for free.
Illinois Tax Sales Can Be Complex – Let me help.
Now what I’d like to do is give you guys a worksheet for the state. Each one of the worksheets is several pages. Each one has all the information I mentioned plus my personal notes.
There are links to the state’s laws and other applicable websites. There are also links to every single County and in some cases municipality. This is important as some of the northeastern states run their auctions by city instead of by County. Finally, each worksheet has got a map of the state showing the counties for your convenience
If you would like to have Illinois Tax Sales explained even more,
Click on one of the links below
Interested in Tax Sales in Another State?
Tax Sales investing is a niche that has the potential to be insanely profitable.
However, most investors do not have a deep understanding of this investing strategy.
Every state has a unique set of rules and regulations. There are some basic rules you need to understand as to how the process works. Generally, states will fall into one of three categories:
- Tax Lien States
- Tax Deed States
- Hybrid States
Hybrids are states who conduct their tax sales by selling tax deeds with a caveat. The deeds have a redemption period much like a tax lien certificate.
This map provides links to information for every state as well as Washington DC.
