112 Pages

A separate insert.

112 pages of teeny tiny print.

Very profitable for the ailing Chicago Sun-Times, but it will be devastating for any of the property owners who will lose their property for a fraction of what it is worth, if they cannot pay the back taxes, plus often usurious interest.

That interest was up to 2% per month when I was McHenry County Treasurer from 1966-70.

When interest rates spiked, the Illinois General Assembly hiked the maximum interest rate to 18%.

3% per month.

That’s a maximum of 18% every SIX months.

The taxes are “sold” in a reverse auction starting at the highest allowed interest rate.

The better the property, the lower the interest rate…usually.

Property taxes are due in McHenry County tomorrow.