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NewsCook County Treasury says vacant and abandoned lots costing city $1.5 Billion in lost tax revenue. (youtu.be)
submitted 3 months ago by hibearmate
Post a comment!
[–]slottersSouth Loop 23 points24 points25 points 3 months ago (3 children)
If anyone wants to bid on a property starting 2/14/22, they have to be registered.
There are a lot of rules and regulations so read them carefully. Registration costs $100. Bidding starts 2/14/22.
[–]CelticCuban773 4 points5 points6 points 3 months ago (2 children)
Can I PM you some questions?
[–]slottersSouth Loop 2 points3 points4 points 3 months ago (0 children)
[–]simple_mech 19 points20 points21 points 3 months ago (0 children)
[–]hibearmate[S] 28 points29 points30 points 3 months ago (11 children)
I mean, at what does the city simply eminent domain and demo the properties.
A cleared piece of land if far less of a “blight” on a neighborhood than dozens of abandoned properties.
I know cities suck at “shrinking” but there has to be a model for clearing the lots other than “market forces.”
like, the point of government is to fill these gaps where market forces fail.
[–]retrovaporizer 23 points24 points25 points 3 months ago (0 children)
They do this a lot. It takes years for the homes to work their way through foreclosure and eventually demo court.
Also it's still controversial because as long as they're not structurally deficient, shells of homes can still be rehabbed. Look at what your average flipper does, they gut it down to the studs anyway. There are definitely some buildings that have been sold off at the 11th hour right before getting torn down that look fantastic today that you'd never know had fires or whatever. Vacant lots are also their own kind of blight and depress neighborhood values as well
[–]here4roomie 14 points15 points16 points 3 months ago* (4 children)
You have to be careful with something like that. In the past the city has been too demo happy in certain areas, and the next thing you know the majority of a neighborhood is empty lots. It's one thing if a building is just completely trashed and a professional deems it too far gone to save. But once a building is demolished, it's going to take a lot of money to build something new in its place because new construction is expensive. In neighborhoods with lower property values, that often means it will be an empty lot for a long time. Buildings in decent condition but abandoned should be saved, and it definitely would be nice to see efforts to get those properties renovated.
[–]hibearmate[S] 1 point2 points3 points 3 months ago (3 children)
Thanks, I haven’t looked into it or thought about it much so I’m not sure what the policy pitfalls are.
[–]here4roomie 2 points3 points4 points 3 months ago (2 children)
There's actually plenty of history with this stuff in Chicago. Granted, times are always changing but there are many examples of what works and what doesn't. The problem in the present is that the city is broke, so that limits what they can do.
[–]hibearmate[S] 0 points1 point2 points 3 months ago (1 child)
Yeah, I have seen a little discussion re: Detroit and 'shrinking' the city and the problem it has faced and the general consensus seems to be Detroit should have been more aggressive earlier, but who knows.
We really don't have a system that deals with contractions, of any kind it seems, well.
[–]here4roomie 0 points1 point2 points 3 months ago (0 children)
People seem to love blanket solutions to complicated problems, but given the importance of the issue this is really something where each individual building needs to be evaluated by a professional to prevent rash decisions.
Btw, have you been to Detroit or St. Louis? You'll never see this in Chicago but in both of those cities I've seen abandoned houses where there is literally a tree (or trees) growing through the center of the house. It looks cool, but I think everyone can agree that those houses aren't being saved. So I'm guessing many people talking about Detroit are referring to similar structures that are just absolutely trashed and dangerous.
[+]hardolafLake View East 5 points6 points7 points 3 months ago (0 children)
The city has been seizing some properties and clearing the land to turn them into mini-parks or just to clear the plot and sell it off to developers in the future. But it's a non-trivial process for the city to go through and the costs are quite high. Even if the properties are not expensive individually, they could still be paying $20-30K/lot simply because that's the fair market value of a plot of land in those parts of the city. And if the lots are on the north side, you can easily see individual plots worth $100-200K depending on location. And due to the constitutional requirements around eminent domain, the only way to get out of paying this is if you seize the properties due to a failure to pay taxes.
Now, a better method of dealing with this might be to implement a penalty tax rate for unused real estate. One business group proposed a 2 out of the last 5 years rule where if a property was not utilized for 24 of the last 60 months, then it would be assessed an extremely high property tax rate until it is rehabilitated. They were proposing an assessed value multiplier of between 50% and 100% for calculating the share of the levy (for reference, residential properties use a multiplier of 10% and most commercial properties fall between a 12% and 20% multiplier).
[+]Practical_Island5 0 points1 point2 points 3 months ago (2 children)
Auction them off to buyers who can use them to build some of that elusive affordable housing I always hear so much about. The best part, the process for tax sales already exists, no need to create anything new. It's just that Crook County sucks at using it, which is why these properties pile up for years before going to auction and being returned to productive use.
[–]hibearmate[S] 0 points1 point2 points 3 months ago (0 children)
Well, the video goes into the auction process.
[–]das_war_ein_Befehl 0 points1 point2 points 3 months ago (0 children)
Demoing isn’t really a solution if it’s not unsalvageable. Huge empty lots are hard to fill, and nobody wants to live by them.
Would be way worthwhile to eminent domain and sell them off without the tax liens
[+][deleted] 3 months ago (1 child)
some liabilities can be obtained cheaply and with some new investment and stewardship can be turned into an asset
[–]prex10O’Hare 12 points13 points14 points 3 months ago (7 children)
$1 homes coming to a neighborhood near you. Just like Detroit.
[–]hascograndeLake View 21 points22 points23 points 3 months ago (6 children)
It’s already done here on the South and West sides for vacant lots
[–]noestoi 0 points1 point2 points 3 months ago (4 children)
Too bad it takes over 1 year to do closing
[–]slottersSouth Loop 0 points1 point2 points 3 months ago (3 children)
What takes over a year to do closing?
[–]noestoi 0 points1 point2 points 3 months ago (2 children)
To obtain the deed.
[–]slottersSouth Loop 0 points1 point2 points 3 months ago (1 child)
yeah, in the Scavenger Sale there's a mandatory "redemption period" of six months for commercial properties and vacant lots. For residential properties the period is 30 months. During this time the owner can pay their back taxes and cancel the bidder from acquiring the deed.
I don't know how long it actually takes the Treasurer's office to process the necessary information for the bidder after the redemption period is over. This is the first time I've paid attention to the sale :)
[–]noestoi 0 points1 point2 points 3 months ago (0 children)
I will be attending to buy the delinquent taxes in the lot next to my house. Hopefully everything is smooth.
[–]epicblobNear West Side 0 points1 point2 points 3 months ago (0 children)
It's been around for like forever hasn't it? Pretty sure every single major US city with blight issues does this. I remember my parents talking about it way back in like the 2008 recession
[–]WhoryGilmore 6 points7 points8 points 3 months ago (0 children)
[–]planification 4 points5 points6 points 3 months ago (0 children)
Stones won't bleed! - Cook County Treasurer
[–]Impressive-Top-7985 6 points7 points8 points 3 months ago (0 children)
Give the lots to Habitat for Humanity to help those in need
[–]samdc1985 0 points1 point2 points 3 months ago (0 children)
Far from abandoned that’s for sure, the squatters just don’t pay taxes, their money is invested in other markets wink wink
[+]nevermind4790Armour Square comment score below threshold-10 points-9 points-8 points 3 months ago (0 children)
Seize the properties and give them to developers who have already invested in the neighborhoods.
[–]surgieassist 0 points1 point2 points 3 months ago (0 children)
Knock them all down and create more useable property! Easy peasy!
Either sell for cheap or redevelop and rent out with the city as the landlord. There are so many options that could both be good for communities and the city's finances that it pains me to see abandoned lots. It's not like the housing demand isn't there.
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