You can find the law online and read it for free. Search for “35ILCS200. " That’s the entire tax code. For the purposes of tax sales, the most important part for you to understand is Title 7, which covers tax collection.

For example, Lake County’s tax sale is in November. If you want to participate in the sale, you must register during the month of October.

The application is accompanied by a memo you must sign, certifying that you are over the age of 18. [5] X Research source

You can download and fill out a W-9 at https://www. irs. gov/pub/irs-pdf/fw9. pdf.

If you are a first-time buyer, you don’t have to pay a $500 deposit. Instead, you must provide a certified check for the total amount you plan to purchase at the sale. If you end up not buying that much, the county will refund the balance to you. [8] X Research source Most counties have a minimum bid set. This amount may be higher than the $500 deposit. For example, the minimum bid in St. Clair County is $750. [9] X Research source If you’re a first-time buyer, keep this in mind when you’re calculating the total amount of your certified check.

If you’re a first-time buyer, pay this fee separately from your certified check. [11] X Research source The delinquent tax list can help you plan your strategy for the sale and identify specific tax liens you’re interested in buying.

With verbal auctions, each item has a minimum bid. Available tax deeds are called out live, and buyers may bid until the tax deed is sold. Then the next listed tax deed is called. If the county has an open bid system, you can purchase a tax lien at any time for the minimum bid listed. If the county has a sealed bid system, you offer your bid on a tax lien that is equal to or greater than the minimum listed. You don’t have to appear in person at any auction site. You’re only allowed to make one bid, so your sealed bid should be at or close to the maximum you’re willing to pay for the property.

If you purchased a delinquent tax list, bring it with you so you can follow along. Leave electronic devices at home. You may also be required to turn your cell phone off.

When you’re actually bidding, you’re bidding the interest rate you would charge on the delinquent taxes until they are paid. That interest rate is assessed every 6 months. The lowest percentage rate bid wins the sale.

The county treasurer’s office will notify you when your certificates are ready and you can go down to the treasurer’s office to get them. [16] X Research source

The wording of your notice must be exact, as stated in 35 ILCS 200, Article 22. Pull up a copy of the statute online and copy the words of the notice exactly, filling in the blanks with the appropriate information about yourself and the property. The county clerk will deliver notice to the record owners of the property, with instructions on how to redeem the property by paying the delinquent taxes plus interest.

If the property owner fails to pay taxes over the course of the redemption period, you have the option of buying those taxes as well.

This notice informs the property owner that the redemption period is expiring, and after the deadline you will petition the court for a tax deed.

The owners of the property will be notified of your petition, as will anyone else, such as a mortgage company, that has an interest in the property.

If the judge is satisfied that the redemption period has expired and that you have fulfilled all legal requirements as the tax buyer, the judge will order a tax deed in your name.

Tax buyers seldom reach this stage. The vast majority of delinquent taxes are paid before the redemption period expires.