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Chicago Cites Tax Problems.(Brief Article)
Here in the nation's second largest county, local officials say that they have seen an increase in the number of mistakes made by lenders on property tax payments.
Earlier this year, Cook County Treasurer Maria Pappas announced that mortgage company errors "have cost Cook County taxpayers at least $2 million in the last two years."
But in reality, it's lenders who foot the bill, because they end up paying the late fees and penalties when property taxes are not paid on time and correctly.
Between March of 2000 and December of 2001, mortgage companies made 5,129 payments on the wrong property identification numbers (PINs) used by the county to identify homes, Cook County said.
Cook County said that one company, the tax-outsourcing unit of Transamerica, participated in 1,564 mistakes in the last two years. Seven other companies that the county describes as industry leaders in the tax-outsourcing field were responsible for more than 100 payments on the wrong PINs, according to Cook County.
Moreover, the county said that even when payments are made on the right property, ...
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Source: HighBeam Research, Chicago Cites Tax Problems.(Brief Article)