Thanks to a “little-known loophole,” hedge funds, private equity firms and real estate investors have “siphoned” approximately $280 million from schools, parks, libraries, fire departments and other government agencies between Sept. 2015 and Sept. 2022.
Private investors are exploiting an “arcane” Illinois law to profit from the property tax debt owed on thousands of properties, fueling disinvestment in communities that are home to Black and Latino residents, according to a new study from the Cook County Treasurer’s office.
That can result in profits of 54% in just three years, if the owner does not pay off the debt in full, according to the study. That makes Illinois “like no other state in the country,” where the law “allows tax buyers to easily and quickly undo a tax deal for trivial reasons, often getting all of their money back, including interest, fees and court costs,” according to the study.
France Dernières Nouvelles, France Actualités
Similar News:Vous pouvez également lire des articles d'actualité similaires à celui-ci que nous avons collectés auprès d'autres sources d'information.
Juneau slated to get new cabins thanks to federal fundingJuneau’s public use cabin system is beloved — and often booked far in advance. Now, more cabins may be available soon for overnight stays and the public can weigh in on the locations.
Lire la suite »
Fleetwood Mac’s ‘Everywhere’ Rides Back to Billboard Charts Thanks to Chevy Ad Synch.FleetwoodMac’s 'Everywhere' rides back to the billboardcharts thanks to a new Chevy ad
Lire la suite »
Brittney Griner’s wife thanks Biden for efforts as WNBA star spends birthday in prisonThe wife of WNBA star and Texas native Brittney Griner released a video thanking President Joe Biden for his administration’s ongoing efforts to secure Griner’s...
Lire la suite »
You can keep more money from the IRS next year, thanks to inflationYou can keep more money from the IRS next year. The agency is raising income thresholds for all tax brackets because of inflation.
Lire la suite »
Brittney Griner Thanks Fans for Support as She Marks 32nd Birthday in PrisonLeBron James joined the chorus of athletes advocating for WNBA star Brittney Griner's release from Russian detention — everything to know
Lire la suite »