What is a "tax sale?" What does it mean that my property has been sold for delinquent taxes?

By state statute, any unpaid property taxes, plus interest and penalties, go to a tax sale at the beginning of November. A registered tax buyer bids their fee for paying those taxes. The tax buyer's fee is bid as a percentage of the amount due, to be applied every six months. Bidding occurs from 0%-9% interest. The lowest bid is accepted. If no tax buyer bids on a property, Peoria County, as Trustee, becomes the default tax buyer at 9%.

 The tax buyer whose bid is accepted then pays the amount due in the Treasurer's office. The taxes paid, plus the additional fees, are charged in the County Clerk's office as a tax lien against the property. Additional fees will accrue until the homeowner redeems them. Upon redemption, the lien is immediately removed, and the tax buyer no longer has any vested interest in the property. If no redemption is made within the time allowed (2-3 years), the tax buyer can petition the Court for the deed to the property.

The phrase, "your property has been sold for delinquent taxes," is required by state statute and can be a bit misleading. During the redemption period, you are still the owner of the property. Only your unpaid taxes were sold. It is only after the redemption period expires that the property can change ownership. 

Show All Answers

1. What is a "tax sale?" What does it mean that my property has been sold for delinquent taxes?
2. How long do I have to redeem sold taxes? Can the final deadline be extended?
3. How do I find out the amount I owe?
4. Who do I pay? Do I have to pay in person? What forms of payment do you accept?
5. Can I make partial payments or set up a payment plan?
6. I owe prior year's sold taxes and the current year's tax bill. Which should I pay first?
7. When will the quoted amount change?
8. Who can I talk to if I have more questions about delinquent taxes?
9. Where can I find my tax district information?
10. Where can I find past election results?