Politics & Government
Kane County to Hold Sale of Properties That Couldn't Pay Taxes
You can buy a home cheaply by paying its back taxes, but there are risks involved.
Kane County will hold its annual Tax Sale on Monday, Oct. 28,
2013. The Tax Sale will start at 9 a.m. It will be held in the
County Board Room at the Government Center, building (A), 719 South
Batavia Avenue, Geneva, Illinois.
Realtor.com has a good explanation of what a tax sale is and what the risks are. Basically, the government has a right to sell property at a tax sale for the money owed in taxes. Some people think they can make a killing by buying homes this way, but it's not as simple as it might sound.
For the Kane County tax sale, you must register to participate, and there's a $500 fee to take part. Registration began Sept. 18, and will end
Oct. 11.
"We advertise delinquent taxes in a local newspaper approximately three weeks prior to the sale," said Carrollyn J. Brady, Kane County's director of financial operations.
The tax sale list is provided on the treasurer’s website — Kanecountytreasurer.org — under the link Tax Sale Information.
The $500 deposit is required with your registration, ($450 being applied toward any items purchased at the sale and $50 toward the cost of the Tax Sale list). If you do not attend the Sale then you forfeit this money.
The Kane County boardroom will be cleared at 8 a.m. the day of the sale, apparently because of concern that there will be a lot of people who want to get into the bidding process.
"There will be no advantage for a buyer to show up before 8 a.m.; also there is no advantage to seating arrangements in the boardroom," Brady said via a press release. "Every effort is made to ensure that a fair opportunity is given to all buyers. Please be considerate to the treasurer,
staff and other bidders."
All decisions of the treasurer are final.
"Inappropriate behavior towards the treasurer, staff or other buyers
may result in your removal from the sale," the release said.
Please note that participating in the sale involves significant risk. The tax sale procedures are outlined in the Illinois Compiled Statutes. Please do not ask treasurer staff for legal or bidding advice. If you need advice please contact an attorney specializing in tax sale procedures."
