Have you heard about McLean County’s incredible Tax Lien Investment opportunity? It’s a chance to get a huge 54% return on your investment!
Tax lien investing can be a smart way to achieve high returns compared to traditional investments. In McLean County, Illinois, the annual tax lien sale presents an opportunity for investors to acquire property at a low entry cost. With returns potentially reaching up to 54% over three years, it’s an attractive option for both new and seasoned investors.
Understanding Tax Lien Certificates
When property owners fail to pay their property taxes, the county can place a lien on the property. Investors can then purchase these liens during the county’s annual tax sale. In McLean County, tax liens are sold using a bid-down interest rate method. Bidding starts at 9% and can drop to as low as 0%, with the lowest bid winning. This interest rate is applied every six months. If the property owner redeems the lien, the investor earns interest on their investment. If not redeemed within 2-3 years, the investor can foreclose on the property, potentially acquiring it below market value.
Steps to Start Tax Lien Investing
Research and Understand Local Laws: Familiarize yourself with the legal framework for tax lien investing in McLean County. It’s crucial to understand the regulations to ensure a smooth investment process.
Visit the Local Treasurer’s Website: Check the McLean County Treasurer-Collector’s website for detailed tax sale information. The site provides necessary forms, registration details, and auction schedules.
Check the Auction Site: The annual tax sale is held at the McLean County Government Center, 4th Floor County Board Room, 115 E. Washington Street, Bloomington, IL. Make sure to register at least ten days before the sale.
Read the Details about Tax Liens: Understanding the sale schedule, parcel inquiries, and other essential details will help you make informed decisions. The official McLean County Tax Sale page is a valuable resource.
Contact the County Office: For any additional questions, reach out to the McLean County Treasurer’s Office at (309) 888-5180.
Arrive early on the day of the auction to understand the bidding process.
Consider “sub-taxing,” which allows you to purchase the current year’s delinquent taxes at a 12% annual penalty, boosting your earnings and safeguarding your investment.
Check the County Clerk’s office for any additional fees and ensure you understand the full redemption process.
Attractions and Economic Highlights
McLean County is not just a great place for tax lien investments but also offers various attractions and a robust economy. The county is known for its parks, historic sites, and thriving community in Bloomington-Normal. With a growing technology sector, agriculture, and manufacturing, the local economy is vibrant and diverse.
FAQs
Q: What happens if the property owner does not redeem the lien?
A: If the property owner fails to redeem the lien within the 2-3 year period, the tax buyer can petition the court to foreclose on the property, potentially acquiring it below market value.
Q: How do I register for the tax lien sale?
A: You must register at least ten days before the sale. Registration details are available on the McLean County Treasurer’s website.
Q: What is the bidding process like?
A: The auction uses a bid-down method where interest rates start at 9% and can be bid down to 0%. The lowest bid wins the lien.
If you need more help with tax lien investing, feel free to book a call or access our free resources. Engage with us through comments for any questions or additional support. Reach out for assistance and guidance. Happy investing!
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Learn how to get 18-36% returns on your investment and buy property for as little as $500 with tax lien and tax deeds.
Lien Sales Annually Oct – Nov. Deed Sales Are Held on a Needed Basis and Only on Properties That Were Not Sold at Lien Sale and Were Held by the County for 18 Months
10% Penalty if Redeemed in 1st 6 Months, 15% Penalty if Redeemed in Months 6-12, but Only on the Taxes and Fees Not the Overbid. Overbid Amount Receives 5% Interest.
Redemption Period:
1 Year if Sold at County Sale, Liens Not Sold at County Sale Are Certified to Commissioner and Sold in “Commissioner’s Certificate Sale” With 120 Day Redemption Period
Online Auction:
Yes
Over the Counter:
No but There Is a Second Auction Called a Commissioners Certificate Auction With a Shorter Redemption Period of 120 Days
25% Penalty Per 6 Months for Non Homestead or Special Land Use Properties. If 2 Yr Redemption Period Applies 25% for 1st Year and 50% Penalty for 2nd Year
Redemption Period:
6 Months for Most Properties. 2 Years for Homestead and Special Land Use Properties
Online Auction:
The Vast Majority No, but in 2019, Two Counties (Victoria & Orange)
“Upset Sale” First With Premium Bidding Which Does Not Extinguish Other Liens, Followed by “Judicial Sale” Where All Liens With the Exception of Irs Liens Are Extinguished
Frequency:
Annually Throughout the Year. Upset Sales Typically Held in the Fall. Judicial Sale Typically in the Spring but Could Be Anytime After the Upset Sale.
Interest Rate / Penalty:
N/A
Redemption Period:
N/A
Online Auction:
Very Few
Over the Counter:
Yes Through “Repository” List With County Acceptance
McLean County
McLean County’s Tax Lien Investment 54% Return Opportunity
Have you heard about McLean County’s incredible Tax Lien Investment opportunity? It’s a chance to get a huge 54% return on your investment!
Tax lien investing can be a smart way to achieve high returns compared to traditional investments. In McLean County, Illinois, the annual tax lien sale presents an opportunity for investors to acquire property at a low entry cost. With returns potentially reaching up to 54% over three years, it’s an attractive option for both new and seasoned investors.
Understanding Tax Lien Certificates
When property owners fail to pay their property taxes, the county can place a lien on the property. Investors can then purchase these liens during the county’s annual tax sale. In McLean County, tax liens are sold using a bid-down interest rate method. Bidding starts at 9% and can drop to as low as 0%, with the lowest bid winning. This interest rate is applied every six months. If the property owner redeems the lien, the investor earns interest on their investment. If not redeemed within 2-3 years, the investor can foreclose on the property, potentially acquiring it below market value.
Steps to Start Tax Lien Investing
Important Details
Here are the key details about McLean County’s tax lien sale:
Pro Tips
Attractions and Economic Highlights
McLean County is not just a great place for tax lien investments but also offers various attractions and a robust economy. The county is known for its parks, historic sites, and thriving community in Bloomington-Normal. With a growing technology sector, agriculture, and manufacturing, the local economy is vibrant and diverse.
FAQs
Q: What happens if the property owner does not redeem the lien?
A: If the property owner fails to redeem the lien within the 2-3 year period, the tax buyer can petition the court to foreclose on the property, potentially acquiring it below market value.
Q: How do I register for the tax lien sale?
A: You must register at least ten days before the sale. Registration details are available on the McLean County Treasurer’s website.
Q: What is the bidding process like?
A: The auction uses a bid-down method where interest rates start at 9% and can be bid down to 0%. The lowest bid wins the lien.
Useful Links
If you need more help with tax lien investing, feel free to book a call or access our free resources. Engage with us through comments for any questions or additional support. Reach out for assistance and guidance. Happy investing!
Sign up or log in to view the full content.
Join Us
Learn how to get 18-36% returns on your investment and buy property for as little as $500 with tax lien and tax deeds.