Sale

Illinois Homeowners Fight Back as Controversial Tax Sale Practices Face Legal Challenges

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CHICAGO — An obscure practice in Illinois that allows private investors to seize millions in homeowner equity is increasingly facing legal scrutiny. This practice, long utilized by county treasurers, involves selling unpaid property tax debts to private firms, which can in turn take ownership of homes when homeowners fail to pay their debts and interest. Under this system, homeowners find themselves at risk of losing the full value of their properties, despite often owing only a small fraction of that amount. The rising rate of lawsuits against this practice highlights the growing concern over its … Read more

Clash Over Project Blue: Tucson City Council’s Rejection Unravels Pima County Land Sale Plans

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TUCSON, Ariz. — Pima County officials are grappling with their plans for Project Blue, a proposed data center, after a recent decision by the Tucson City Council raised significant concerns. In July, county supervisors had approved the sale of nearly 290 acres of land intended for the center, but the council’s refusal to annex the property complicates the deal. The county had expected to receive approximately $21 million for the land, located near the intersection of I-10 and Houghton Road. However, the sales contract included critical stipulations: the City of Tucson needed to agree to … Read more

US Judge Rejects Blue Water’s Bid to Delay Citgo Parent Sale Hearing

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A federal judge in Virginia has dismissed a request from Blue Water, the company seeking to extend a hearing related to the sale of Citgo’s parent company, citing procedural issues and a lack of sufficient justification for an extension. The ruling could have significant implications for various stakeholders, particularly those involved in ongoing litigation connected with the Venezuela-based oil giant. Blue Water, which has been pursuing compensation for damages related to its operations, argued that the hearing’s timeline was critical to ensuring all parties could adequately present their cases. However, the presiding judge ruled that … Read more

Illinois Tax Sale System Faces Legal Reckoning as Supreme Court Ruling Sparks Calls for Reform

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Illinois homeowners are facing significant challenges amid a legal upheaval that has emerged after a recent U.S. Supreme Court ruling deemed certain practices surrounding property tax sales unconstitutional. The ruling, which took effect in 2023, has cast a spotlight on a system that has allowed private investors to claim equity from homeowners who fall behind on their property taxes, raising concerns about the financial ramifications for counties. For many years, county treasurers across Illinois could collect unpaid property taxes by selling the debts to private entities. Homeowners who failed to pay back these debts could … Read more