From The Editorial Board: The Supreme Court just fired a shot at how Illinois handles delinquent property taxes
Opinion content—editorials, columns and guest commentaries—is created independent of news reporting and is exclusive to subscribers.The conservative wing objected to the dismissal of property rights. The liberals focused on egregious fines. But despite their different reasonings, the members of the U.S.
fact, Illinois long has tolerated a year more egregious situation involving a third party.According to Illinois law, any time a property goes into chronic default, a so-called tax sale occurs. That means, a “tax buyer,” usually a hedge fund, private equity group or a similar entity, swoops down and “purchases” the debt, paying the debt owed to the government and in return obtaining a lien on the property.
It sure looks to us like the Supreme Court justices just vacated the legality of doing business that way. Unsurprisingly, investors have exploited this loophole, scouring listings for errors even before they buy them and then siphoning off taxpayers’ money. According to Cook County Treasurer Maria Pappas, this scheme has cost Cook County taxpayers at least $27.7 million.
Malaysia Latest News, Malaysia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Hawaii allows more concealed carry after US Supreme Court ruling, but bans guns in most placesHawaii Gov. Josh Green on Friday signed legislation that will allow more people to carry concealed firearms but at the same time prohibit people from taking guns to a wide range of places.
Read more »
Hawaii allows more concealed carry after US Supreme Court ruling, but bans guns in most placesHawaii Gov. Josh Green has signed legislation that will allow more people to carry concealed firearms.
Read more »
Hawaii allows more concealed carry after US Supreme Court ruling, but bans guns in most placesHawaii Gov. Josh Green signs legislation that will allow more people to carry concealed firearms but at the same time prohibit people from taking guns to a wide range of places like beaches and hospitals.
Read more »
The Supreme Court Has a New Bold Lone DissenterOnly one justice spoke out against the Supreme Court’s latest painful blow to organized labor.
Read more »
Supreme Court news: Liberal justices' 'dissent rate' lowest since Roberts joined in 2005With 27 opinions left for the Supreme Court to hand down before the end of the month, the rate of dissents from the three-member liberal minority bloc is standing at its lowest point in the past 25 years.
Read more »
Survivor's relief after Utah Supreme Court affirms former USU athlete's rape convictionsAfter nearly a decade of seeking justice, one survivor said she finally has some closure.
Read more »