Stephenson County treasurer: tax sale raised more than $1 million; fewer parcels reverted to county

Stephenson County’s treasurer told the Administration and Legal Affairs Committee on Nov. 5 that the county’s annual tax sale concluded with substantial proceeds and changes in bidder behavior compared with last year.

The treasurer reported that the tax sale produced deposits of more than $1 million into the general fund and said “Sold 512 parcels,” adding that a larger share of parcels changed hands this year. He noted that only about 26% of the parcels reverted to the county trustee this year, compared with roughly 40% in a typical year, which he said indicated “money changed hands on more parcels.”

The treasurer also discussed redemption-interest rates bidders can charge: “The interest that can be bid is up to 9%… Last year, our bid average was, like, 6.2. Okay. This year was 4.9.” He said the lower average interest benefits property owners seeking to redeem parcels.

Other operational notes in the report: a planned distribution scheduled for Monday the 3rd was put on hold because of software issues with the county’s vendor and a mobile-home due date fell last Friday; the treasurer said payments were continuing to come in and overall the office was “pretty quiet” otherwise.

Why it matters: Tax-sale proceeds and redemption activity affect county revenues, property owners’ costs to redeem parcels and local fiscal planning.

What’s next: The treasurer expects standard reports by Sunday night (to be posted as usual) and noted the distribution schedule may change until vendor software issues are resolved.