Public Act 123 - Property Foreclosure Time Line
1999 Property Taxes
March 1, 2000:
Unpaid real property taxes are turned over to the County Treasurer for collection. A 4% administration fee and 1% interest per month is added.
June 1, 2000:
First notice.
September 1, 2000:
Second notice.
October 1, 2000:
$15 fee added to each parcel for which delinquent taxes remain unpaid.
February 1, 2001:
Third notice (certified mail).
March 1, 2001:
Property with unpaid delinquent taxes is forfeited to the County Treasurer. A fee of $175 is added, plus the interest increases from 1% to 1.5% per month retroactive to March 1, 2000.
Beginning March 1 thru May 1, 2001:
Title Search is conducted to identify all owners entitled to notice.
Beginning June 15, 2001 thru Jan. 30, 2002:
Fourth notice certified mail and personal notice served.
Jan. 30 thru March 1, 2002:
Circuit Court hearing on foreclosure petition.
March 1, thru March 10, 2002:
Circuit Court enters judgement of foreclosure quieting title. Owner has final 21 days to redeem from the date of judgement.
March 22, thru March 31, 2002:
Redemption rights expire. The owner loses all rights to property.
Sept. 2002:
Property offered at minimum bid. Sold to highest bidder.