Bidders snatch up delinquent taxes - Rockford, IL

snatched up $7,672,968 worth of delinquent taxes and attached up to 18 percent interest to the bill.

“I’d say that 99 percent of the time, people redeem their taxes and you get paid your interest. It can be a good investment if you know what you’re doing.”
Tax sales can be risky, though, and people like Beasley often spend hours researching parcels they plan to bid on before attending the sale

bid a percentage rate with a cap at 18 percent. The auction caller accepts the lowest bid to win. The property owner then has 30 months to buy back the taxes

But if 30 months pass and the property owner still hasn’t redeemed the taxes, the tax buyer lays claim to the property

Click on the following to read the complete details of how it works: Bidders snatch up delinquent taxes - Rockford, IL - Rockford Register Star