My "WHY" & Homework for WK. 1
My "WHY" @Antoinette Apolon It is overdue and time to start working and building for generational wealth & to put my financial situation in perspective so that I can start planning for the future. When it’s my time I want my daughter to have something to fall back on and pass down to her children. I want to be able to maintain financial stability and preserve the legacy that I’ve always desired! How does Illinois host their tax sales? Answer: A. First, the current owner is given a notice of delinquency, which lets them know that they have taxes that are past due. If they fail to pay those taxes by a certain date, a tax lien is created, and the property is listed in a published notice in the newspaper. B. Buyers submit a minimum bid and the property is sold at the highest bid. The buyer is not responsible for back taxes on the property. Catalogs for the current and past auctions can be viewed either online at Illinois Tax Deeds | Illinois Tax Liens or in the Treasurer's Office. C. The county has a lien on your property, your unpaid taxes can be sold at a public auction, A tax buyer may become the new owner of your property and evict you, and. If your mortgage contract requires you to pay your property taxes on time, your lender may file for foreclosure. D. Buyers submit a minimum bid and the property is sold at the highest bid. The buyer is not responsible for back taxes on the property. Catalogs for the current and past auctions can be viewed either online at Illinois Tax Deeds | Illinois Tax Liens or in the Treasurer's Office. When does Illinois host their tax sales? Answer: A. Annual automated tax sales are conducted at the end of each tax cycle (typically in November). Where are sales tax conducted in Illinois? Answer: The tax sale is conducted by the County Treasurer and held sometime after the 2nd installment is due. At this sale, a “tax buyer” can buy your overdue taxes and penalties and place a lien on your property. The tax buyer's payment is then distributed to your local taxing districts such as schools and libraries. Under Illinois law, the Treasurer's Office is required to conduct a Scavenger Sale every two years. At the Scavenger Sale, taxes on properties with three or more years of delinquent taxes are offered for sale. Taxes are sold for cash bids.