McLean County
McLean County’s Tax Lien Investment 54% Return Opportunity
Have you heard about McLean County’s incredible Tax Lien Investment opportunity? It’s a chance to get a huge 54% return on your investment!
Tax lien investing can be a smart way to achieve high returns compared to traditional investments. In McLean County, Illinois, the annual tax lien sale presents an opportunity for investors to acquire property at a low entry cost. With returns potentially reaching up to 54% over three years, it’s an attractive option for both new and seasoned investors.
Understanding Tax Lien Certificates
When property owners fail to pay their property taxes, the county can place a lien on the property. Investors can then purchase these liens during the county’s annual tax sale. In McLean County, tax liens are sold using a bid-down interest rate method. Bidding starts at 9% and can drop to as low as 0%, with the lowest bid winning. This interest rate is applied every six months. If the property owner redeems the lien, the investor earns interest on their investment. If not redeemed within 2-3 years, the investor can foreclose on the property, potentially acquiring it below market value.
Steps to Start Tax Lien Investing
- Research and Understand Local Laws: Familiarize yourself with the legal framework for tax lien investing in McLean County. It’s crucial to understand the regulations to ensure a smooth investment process.
- Visit the Local Treasurer’s Website: Check the McLean County Treasurer-Collector’s website for detailed tax sale information. The site provides necessary forms, registration details, and auction schedules.
- Check the Auction Site: The annual tax sale is held at the McLean County Government Center, 4th Floor County Board Room, 115 E. Washington Street, Bloomington, IL. Make sure to register at least ten days before the sale.
- Read the Details about Tax Liens: Understanding the sale schedule, parcel inquiries, and other essential details will help you make informed decisions. The official McLean County Tax Sale page is a valuable resource.
- Contact the County Office: For any additional questions, reach out to the McLean County Treasurer’s Office at (309) 888-5180.
Important Details
Here are the key details about McLean County’s tax lien sale:
| Detail | Information |
|---|---|
| Tax Sale Type | Tax Lien Certificates |
| Typical Date of Sale | Annually |
| Redemption Period | 2-3 years |
| Interest Rate | 9% applied every six months, up to 54% over three years |
| Bid Procedure | Bid down method starting at 9% |
| Deposit | $250 |
| Auction Site | McLean County Government Center |
| Contact | McLean County Treasurer & Tax Collector |
Pro Tips
- Arrive early on the day of the auction to understand the bidding process.
- Consider “sub-taxing,” which allows you to purchase the current year’s delinquent taxes at a 12% annual penalty, boosting your earnings and safeguarding your investment.
- Check the County Clerk’s office for any additional fees and ensure you understand the full redemption process.
Attractions and Economic Highlights
McLean County is not just a great place for tax lien investments but also offers various attractions and a robust economy. The county is known for its parks, historic sites, and thriving community in Bloomington-Normal. With a growing technology sector, agriculture, and manufacturing, the local economy is vibrant and diverse.
FAQs
Q: What happens if the property owner does not redeem the lien?
A: If the property owner fails to redeem the lien within the 2-3 year period, the tax buyer can petition the court to foreclose on the property, potentially acquiring it below market value.
Q: How do I register for the tax lien sale?
A: You must register at least ten days before the sale. Registration details are available on the McLean County Treasurer’s website.
Q: What is the bidding process like?
A: The auction uses a bid-down method where interest rates start at 9% and can be bid down to 0%. The lowest bid wins the lien.
Useful Links
- McLean County Annual Tax Sale
- McLean County Treasurer-Collector
- McLean County Official Website
- How to Profit from Illinois’s Tax Lien Sales
- Learn How Does Tax Lien Investing Work
- Want to get started with Tax Liens? Click Here!
- Is Illinois the best place to profit from tax lien certificates?
If you need more help with tax lien investing, feel free to book a call or access our free resources. Engage with us through comments for any questions or additional support. Reach out for assistance and guidance. Happy investing!
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