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Tax Deed Sale in IL through Surplus Property Auctions by Joseph E. Meyer & Associates
Tax Lien Study | June 26, 2007 11:04 PM
In many states, counties hold a Tax Deed Sale on tax delinquent properties. By Illinois law, in contrast, they conduct a Tax Lien Certificate Sale first, where you only buy a right to collect on property tax but not the right to own the property. Then what about the Tax Deed Sale in IL and what happens to properties not sold on Tax Lien Sale (the surplus)? The answer to both questions is in public services offered by Joseph E. Meyer & Associates. Joseph E. Meyer & Associates act as the County Trustee for 77 counties in Illinois. "One of Joseph E. Meyer & Associates` central functions is serving as the Delinquent Tax Agent (trustee for taxing districts) for 77 of 102 counties in Illinois. Properties not purchased by tax buyers at the County Tax Sales are enrolled in the trustee program and managed by Joseph E. Meyer & Associates. After the redemption period expires on delinquent properties, Joseph E. Meyer & Associates obtains tax deeds on behalf of the county and sells the properties at public auction. These auctions are conducted verbally or by sealed bid." In a nutshell, they conduct the Tax Deed Sales on counties behalf. On their website you can find answers on many questions about purchasing tax delinquent property in Illinois and also find out when is the next IL surplus property auction scheduled near you.
You may be already familiar with the company as their R.A.M.S (Real-Time Auction Management System) software is used by some 26 IL counties to conduct the tax lien auctions - each bidder (taxbuyer) is actually given a laptop with the R.A.M.S installed, and bids are done simply with a mouse click.