Cook County Moves to Reform Tax Sale Industry Amid Equity Theft Concerns
Cook County leaders have brokered legislation to phase out the tax sale industry, which has been criticized for pocketing millions in interest payments and equity from property owners. The proposed bill, which has cleared a key committee, aims to overhaul the annual tax sales process statewide, with significant changes in Cook County. If passed, the county would acquire liens on overdue property taxes, charging taxpayers 0.75% monthly interest. After three years, the county would auction off the property deed, allowing the original homeowner to petition for post-debt profits. The bill has faced pushback from tax buyers who argue it could weaken participation in tax sales and reduce local government revenues. 
