Way back when interest rates and the misery index were really, really high, the Illinois legislature decided to raise the interest rate on delinquent property taxes.
It had been one percent per month at least since I was McHenry County Treasurer in the late 1960’s.
Twelve percent per year was less than one could borrow money on the open market.
The General Assembly raised it to one and one-half percent.
That’s 18 percent per year.
While that might have made sense when Treasury bills were paying upwards of twenty percent, it does not make sense now.
For some reason, no legislature has tried to lower the rate back to the one percent a month level.