Back in the late 1960’s interest rates were high.
My investment of McHenry County funds topped out above 7%.
At that time, people paying their real estate tax bills late were charged one percent for every month they were late.
I remember the owner of Klemm Nurseries coming in to pay bill for land he owner near the current courthouse.
He was a day late, so I told him the interest he would have to pay.
He was incensed.
“Do you know who I am?” he asked.
I replied that I did not, but everyone paying late had to pay the one percent extra.
Some point when interest rates skyrocketed–probably in the early 1970’s–the General Assembly raised the late fee to one and half percent a month.
I contend there is no reason that late fees should be higher than the one percent a month that I collected.
No legislator, however, seems to think the current 18% per year is unreasonable.
If the taxes are left unpaid and go to a tax lien auction, the interest rate can be as high as 18% every 6 months.
When hell freezes over!
True.
https://www.ilga.gov/legislation/ilcs/fulltext.asp?DocName=073500050K2-1303
The judgment interest rate is 9%.
We wouldn’t need to get the taxes waived if we didn’t have an over zealous Monopoly man in Grafton over assessing our homes to save the people of his subdivision big bucks in low assessments. In 8 days, Vote for Terra, she will be fairer.