Annual Tax Sale Oct. 24 & 25
Kane County will hold its annual Tax Sale on Monday and Tuesday, October 24 and 25. The Tax Sale will start at 9 a.m. each day in the Kane County Government Center,719 S. Batavia Ave.,in Geneva. Participants must register with the Office of Kane County Treasurer David Rickert no later than Oct. 6. Registration entitles each participant to one seat in the County Board room. All registrations received before Sept. 12 or after Oct. 6 will be returned, with no exceptions, according to Treasurer Rickert, whose office advertises delinquent taxes in Kane County's local newspapers approximately three weeks prior to the annual sale. A $500 deposit is required with each registration, with $450 applied toward any items purchased. No deposits will be refunded unless requested in person at the Treasurer's office while the sale is in progress.
Every effort is made to ensure that a fair opportunity is given to all buyers, according to Rickert. Participating in the sale involves significant risk, he noted, while directing prospective participants to the Tax Sale procedures outlined in the Illinois Compiled Statutes,Chapter 35
Act 200. Anyone who needs advice should contact an attorney who specializes in the field. Participants are asked not to seek legal or bidding advice from the Treasurer's staff, he said.
The annualTax Sale is held to auction off all unpaid taxes for the current year. If unpaid taxes are sold,the Office of Kane County Clerk John Cunningham can provide taxpayers with an Estimate of Redemption, which details the amount of money necessary to redeem,or pay,the taxes and remove the threat of someone losing their property. Redemption can only be made
in cash,certified funds or money order payable to the Kane County Clerk. Once the redemption is satisfied a receipt will be issued. If a property owner fails to pay taxes the next year by the third week in September,the tax buyer who purchased the prior year can purchase the subsequent year at 12% interest. A property owner has a period of 2.5 to 3 years to redeem their property if it is their principal dwelling. Other property must be redeemed within two years. Deed proceedings can begin six months prior to the expiration date.
Sept. 1was the deadline for payment of the second installment of 2010 real estate taxes.
A monthly penalty of 1.5 percent is on any unpaid second-half bills is assessed through Oct. 1. From Oct. 2 through Oct. 21the penalty is increased to 3 percent. All unpaid property taxes will be sold at the Tax Sale.