From The Editorial Board: The Supreme Court just fired a shot at how Illinois handles delinquent property taxes
Opinion content—editorials, columns and guest commentaries—is created independent of news reporting and is exclusive to subscribers.The conservative wing objected to the dismissal of property rights. The liberals focused on egregious fines. But despite their different reasonings, the members of the U.S.
fact, Illinois long has tolerated a year more egregious situation involving a third party.According to Illinois law, any time a property goes into chronic default, a so-called tax sale occurs. That means, a “tax buyer,” usually a hedge fund, private equity group or a similar entity, swoops down and “purchases” the debt, paying the debt owed to the government and in return obtaining a lien on the property.
It sure looks to us like the Supreme Court justices just vacated the legality of doing business that way. Unsurprisingly, investors have exploited this loophole, scouring listings for errors even before they buy them and then siphoning off taxpayers’ money. According to Cook County Treasurer Maria Pappas, this scheme has cost Cook County taxpayers at least $27.7 million.
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