Public Act 123 of 1999 shortens the amount of time property owners have to pay their delinquent taxes before losing their property. Property owners with taxes that are 25 months delinquent will be foreclosed and the property will be sold at public auction.
With this new Tax Law, the amount of time to pay taxes has been reduced from approximately 5 years to approximately 25 months.
Property owners face a higher interest and fee for not paying their taxes. Taxes that are delinquent for more than one year will have a substantially higher interest rate (1.5% per month, as opposed to the current 1%). After 1 year, taxes will have a $175 forfeiture fee and additional administrative fees and costs allowed by law added to them.