To all who have participated in or observed the biannual scavenger sale:
The minimum bid for each parcel is $250. If I am the highest bidder, do I only pay only the winning bid amount or am I then obligated to pay off the delinquent taxes on the property as well?
There is a fee called sale indem fund which would be around 5% of the delinquent taxesnull
Fotoskif I don’t think I will be going to the biannual scavenger sale as I live to far away and those savvy folks would eat me alive so to say. But I am curious. Just what it this thing. Anywhere we can go online and read about it
To Haynesm:
Very little is actually written about the scavenger sale. I went to one of the auction days last week to check it out - it's interesting to see which properties generate the most excitement and high dollar bids.
For basic info go to ****Must participate a while before posting URL's*** and locate Scavenger Sale info.
For more in-depth info, you'll need to read the Illinois Property Tax Code. If you google it and add the term "scavenger", Google should return with a link to the right section of the tax code.
Fotoskif:
The minimum bid is $250. The actual amount you will pay is $485 (which includes all the fees).
The law guiding the scavenger sale is ILCS 35/200 further know as the Illinois Property Tax Code.
Good luck!