Understanding Tax Foreclosure

Overview:

It can take 3 years before a judgment of foreclosure is entered on a home with delinquent property taxes. For example, if property taxes were not paid in 2010, they become delinquent on March 1, 2011. The property will be forfeited on March 1, 2012, and a judgment of foreclosure will be entered by the circuit court in February 2013. After a judgment of foreclosure is entered in February 2013, the homeowner has until March 31, 2013 to pay the taxes on the property.

Hardship Exemption:

Some homeowners may be eligible and can apply for an exemption from property taxes. An eligible person must own and occupy his/her home as a principal residence and meet poverty income standards. The local Board of Review reviews the application and may also interview the applicant in order to determine eligibility.

Timeline:

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