EDWARDSVILLE — Madison County Treasurer Chris Slusser says the county’s recent annual tax sale resulted in the sale of $5,313,327 in taxes with an average penalty rate of 2.89 percent.
The sale surpassed last year’s penalty rate of 3.18 percent.
“Once again the weighted average penalty rate was low, which benefits those whose taxes were sold,” Slusser said. “The lower the rate, the less it costs a taxpayer to redeem their delinquent taxes.”
Each county in Illinois holds an annual tax sale to collect delinquent taxes which are distributed throughout their taxing districts. Illinois requires these sales, or auctions, so that taxing entities such as school districts, townships, municipalities, libraries, fire protection districts, etc. receive the money it levied for that year.
Slusser (left) said there were 29 tax buyers who took part in this years’ annual event, purchasing the taxes on 2,623 parcels. He said of those sold parcels, 67 percent of them (1,279 parcels) were sold at a 1 percent penalty or less.
Slusser credits lower penalty rates with the automated bidding system that the county currently uses along with the high number of participating tax buyers. Automated sales have become the most popular method of conducting a tax sale throughout the state of Illinois. These automated systems capture bids with an accuracy that would be unreachable by any other standard.
Anyone whose taxes were sold should contact the Madison County Clerk’s office at (618) 692-6290 for more information. If you have questions about the tax sale contact the Treasurer’s Office at (618) 692-6260.
— From the Illinois Business Journal