Harvard’s former Motorola campus sold for delinquent property taxes

The owner of the former Motorola campus in Harvard allowed property taxes on the 1.5 million-square-foot campus to become delinquent in the amount of $325,437. A tax buyer bought the taxes at the McHenry County tax sale October 30, 2017. Contrary to the article below, when property taxes are sold on a commercial property, the redemption period per 35 ILCS 200/21-350 is two years from the date of sale. The tax buyer, and only the tax buyer, may extend the redemption period to three years from the date of sale. If an owner or interested party does not redeem the delinquent taxes AND the tax buyer complies with the provisions of the Illinois Property Tax Code (such as preparing and sending Take Notices, filing a petition for tax deed, etc.), the tax buyer may be entitled to a tax deed to the property that wipes out all prior interests in the property. 

Clerk here to read more. (Link courtesy of Northwest Herald.)

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