![]() And if this could happen to me, it could happen to anybody,” Meaney said. “I didn’t just fall off the turnip truck. Meaney says he assumed the bills were covered by the escrow account he set up with his lender. A financial planner who owns four rental properties on a side street in Worcester, he almost lost all the houses a few years ago because he failed to pay his water and sewer bills. But looking back, he’s now concerned about the impact on some taxpayers caught in the system his legislation helped create. He said at the time, it was considered a creative revenue generator. “The budget crisis of the early 90s had left us strapped for bringing money back to cities and towns,” said Daniel Bosely, a former legislator from North Adams who wrote the state law. Helping communities recoup lost revenue is what motivated lawmakers back in the mid-90s to enable this practice of selling tax liens to investors. One Boston company buying up these tax liens has more than doubled its rate of foreclosures against Massachusetts property owners over the last four years, according to Land Court records obtained by the New England Center for Investigative Reporting.Ī 1996 state law allows the practice, which has drawn criticism from consumer advocates and some lawmakers pushing for reforms that would take a big cut of the profits to investors buying up tax liens and improve the notification process for delinquent taxpayers. In tax lien foreclosures, property owners lose everything, including any equity they had. If those property owners fail to pay back the debt, investors can sometimes reap big profits, foreclosing on the real estate in Land Court. Tax collectors are happy to recover all of the money they are owed, and investors can collect up to 16 percent interest from homeowners whose titles were sold off. The County Assessor enforces the Erroneous Exemptions legislation (35 ILCS 200/9-275), designed to target property owners who erroneously received property tax exemptions.As dozens of cities and towns in Massachusetts turn to for-profit companies to go after delinquent taxpayers and recover lost revenue, the consequences for some property owners and even renters can be unforgiving, leading to financial losses and in some cases foreclosures and evictions.Ĭash-strapped cities of Worcester, Lowell, New Bedford, Pittsfield and Quincy sold off more than 1,300 tax liens to third-party investors in the past five years, recovering nearly $10 million.Alternate General Homestead 35 ILCS 200/15-176 Long-time Occupant Homestead 35 ILCS 200/15-177 (This role includes significant outreach, communications, and religious exemption programs as well as responding to thousands of taxpayer inquiries and certificates of error.).Senior Citizens Assessment Freeze 35 ILCS 200/15-172 General Homestead 35 ILCS 200/15-175.Disabled Veterans Standard Homestead 35 ILCS 200/15-169 Senior Citizens Homestead 35 ILCS 200/15-170.Returning Veterans Homestead 35 ILCS 200/15-167 Disabled Persons Homestead 35 ILCS 200/15-168. ![]() The County Assessor provides taxpayer assistance via the review, processing, and administration of Exemptions through the following ordinances and laws : Disabled Veterans 35 ILCS 200/15-165.Valuation of Particular Types of Property 35 ILCS 200/10-5 thru 10-620.Revision of Assessments 35 ILCS 200/14-35.Assessment Notices of Increases 35 ILCS 200/12-55 Certificates of Correction 35 ILCS 200/14-10 Certificates of Error 35 ILCS 200/14-15.Assessment by Districts 35 ILCS 200/9-220 Omitted Property 35 ILCS 200/9-260, 9-270 Publication of Assessments 35 ILCS 200/12-20.Classification Ordinance Cook County Code of Ordinances, Chap.As part of the Valuation and Appeal Process, the County Assessor follows and enforces state and county laws and ordinances: Classification of Property 35 ILCS 200/9-150.We serve every community in the County through ethical stewardship within the property tax system. ![]() The mission of the Cook County Assessor’s Office is to deliver accurate and transparent assessments of all residential and commercial properties.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |