- I Need To…
Joliet, IL – Will County Treasurer Steve Weber, CPA, announced that the county’s annual tax sale brought in $10.8-million in delinquent property taxes on 2,846 parcels. The amount of unpaid property tax is the lowest since 2002, and 69% lower than the Financial Crisis of 2007-2008.
The fact that the county sells unpaid property taxes means taxes remain too high for many Will County homeowners. The good news is that fewer homeowners are delinquent. We took the fewest number of parcels to the tax sale in 15 years. I believe that it is because the economy continues to improve while we continue to offer common sense payment options.
For people struggling to make ends meet, I want to give them as much time to pay as possible. We’ve moved the tax sale into late November. We’re one of the last counties in the state to hold its sale, which gives people more time to pay.
We’ve also opened up the ability for people to pay in installments. Homeowners can pay any amount they want at any time of the year. This means you have more control over your money.
Lowest Amount Sold Since 2002; Fewest Parcels Since 1995
At the height of the Financial Crisis in 2007, there was one foreclosure filing for every 532 households in Illinois. In Will County, the collapse in the real estate market produced a record $34.6-million in unpaid property taxes on 7,345 parcels in 2008. By 2012, the unpaid amounts fell by half to $15.4-million.
The unpaid amounts continue to fall to the point where this year’s sale was approximately $10.8-million. That figure is the lowest amount sold at a Will County tax sale since 2002.
This year’s tax sale also had the fewest number of parcels taken to the sale since 1995.
There are three reasons for the decline in the amount of unpaid tax and number of parcels.
- Will County property owners can make partial pre-payments of their property tax bill.
- Will County Treasurer Steve Weber pushed the date of the tax sale to the end of November, giving property tax owners more time to pay their taxes.
- The unemployment, wages, and consumer confidence continue to improve post crisis.
Partial Pre-Payment Benefits Property Owners
Like many Illinois counties, Will County lets property owners pre-pay their taxes. The usual restriction is that the payment must be made in full. In mid-2011, however, Treasurer Weber allowed his staff to accept partial pre-payments. A property owner could pay any amount at any time of the year.
Since 2012, partial pre-payments have reduced the number of parcels taken to the tax sale by 29%.
About the Will County Treasurer’s Office
The Will County Treasurer’s Office is the county’s bank, managing over $2.2-billion in public funds. They receive tax revenue and other funds, and distribute that money according to the law. The office also manages long-term debt, pays bills, and invests cash.
As County Treasurer, Steve Weber (R-Mokena) provides reliable banking services for county agencies, secure investment of your tax dollars, and trustworthy accounting services that provide transparency for county residents. The office has a staff of 20 employees.