The tax sale process through which people/companies get the difference between that amount of taxes one did not pay and the value of the property once it is obtained by the tax buyer was ruled unconstitutional by the U.S. Supreme Court three years ago.
Did the Illinois Legislature do anything to remedy the process?
Nope.
But the Democrats did find lots of time to raise taxes.
Now comes the Chicago Tribune arguing,
“The counties have made other novel legal arguments: it’s a private investor who gets the equity so it’s not their fault (sue the buyer instead); there is more than ample chance to pay and even a fund to help — that kind of thing. But that stuff is mostly balderdash. Equity was being stripped and the Supremes have said, no can do. Either the state or the county is the responsible party. If you lose your home, you won’t care which unit of government is responsible.”
As a former McHenry County Treasurer from over fifty years ago, I don’t see the argument that the people/companies who obtained the windfall profit should be the ones to come up with reimbursement at all “novel.”
I see it as logical.
However, it is also logical to assume that such profiteers will have disappeared, their companies folded with no assets available.
From the Tribune Editorial Board’s viewpoint, it doesn’t matter whether it is county or state taxpayers who have to come up with the money.
