From Illinois Business Journal news services
EDWARDSVILLE — Madison County Treasurer Kurt Prenzler announced the annual tax sale Monday resulted in the sale of $3.6 million in taxes with an average penalty rate of 3.18 percent.
“The average penalty rate remained low, which helps delinquent taxpayers whose taxes were sold,” Prenzler said. “The lower the rate the less it costs taxpayers to redeem their taxes.”
The tax sale is held annually to collect delinquent taxes for more than 200 taxing districts within the county. The state requires the sale, or auction, so the local governmental units receive the money they levied for the year.
Prenzler said 31 tax buyers took part in this year’s annual event, purchasing taxes on 1,810 parcels.
Prenzler credits the automated bidding system for keeping penalty rates low.
“The automated system, which is provided by the Joseph E. Meyer Co. of Edwardsville, is a much fairer process compared to verbal bidding,” he said.
Anyone whose taxes were sold should contact the Madison County Clerk’s Office at (618) 692-6290 for more information. For questions about the tax sale contact the Treasurer’s Office at (618) 692-6260.