PRoperty tax payments

[H2oskiphil]

I received a notice from the county treasurer's office that if my property taxes are not paid by Dec. 31 (for the calendar year 2000), the taxes would be sold on January 2. I will have the ability to pay the taxes sometime in January, when we close our re-finance on the mortgage. Taxes are current for all previous years. If someone buys the taxes, will I have the ability to pay the overdue amount (plus interest) before they have the right to foreclose on the property? If I show the supervisor of assessments the approval letter from my mortgage company, will they be willing to provide an extension to pay for 30 or so days? I've never been in this situation before, and have no idea how tax sales affect me...

 

[HomeGuru]

I received a notice from the county treasurer's office that if my property taxes are not paid by Dec. 31 (for the calendar year 2000), the taxes would be sold on January 2. I will have the ability to pay the taxes sometime in January, when we close our re-finance on the mortgage. Taxes are current for all previous years. If someone buys the taxes, will I have the ability to pay the overdue amount (plus interest) before they have the right to foreclose on the property? If I show the supervisor of assessments the approval letter from my mortgage company, will they be willing to provide an extension to pay for 30 or so days? I've never been in this situation before, and have no idea how tax sales affect me...

My response: I don't know. Read the applicable ordinances and negotiate something with the tax office in whatever county you are in.

 

[H2oskiphil]

What law governs the amount af time granted to the owners of the property to pay the overdue taxes-county or state?

 

[JETX]

Sorry, but no one can answer your question until you see the RED text at the top of the screen.

 

[HomeGuru]

Like I said, check with your local ordinances which are county or township laws.

 

[H2oskiphil]

Response to Halket...

Sorry-guess I should read the whole thing first...I'm in Illinois...

 

[HomeGuru]

This is not a State matter.

 

[JETX]

In my opinion, it CAN very easily be a state matter.

The original post asked, "If someone buys the taxes, will I have the ability to pay the overdue amount (plus interest) before they have the right to foreclose on the property?" (The taxes are due 31 Dec with home sale on 2 Jan.)

Some states (Texas for example) set tax penalties by statute (Texas Tax Code, §33.01) and this would allow for a delinquent taxpayer to pay the penalty and not have an issue of 'foreclosure'.

Other states provide for auctioning of the tax certificate (again, unlikely in the few days we are considering), but that tax debt sale could result in foreclosure.

Finally, other states set certain provisions for a 'buy-back' by the tax delinquent person to purchase the tax debt back from the 'investor' for a certain amount or percentage.

So, in my opinion, the state COULD be relevant to the issue of foreclosure for delinquent tax debt.

 

[HomeGuru]

Halket, your points are well taken.