Bloomberg Tax
Oct. 19, 2022, 9:10 PM

Hedge Funds Benefit From Illinois Property Tax Loophole

Michael J. Bologna
Michael J. Bologna
Staff Correspondent

Illinois’ property tax code must be amended to crack down on a “loophole” used by wealthy real estate investors to renege on purchases of unpaid tax debts and stick low-income and minority communities with the bill, Cook County Treasurer Maria Pappas said.

Pappas announced a campaign to repeal the “sale-in-error” statute, which permits investors to vacate the complex deals they use to purchase tax liabilities on delinquent properties. Pappas, in an interview with Bloomberg Tax Wednesday, said she would push the Illinois General Assembly to overhaul the tax code next spring to conform with similar rules in other states. ...

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