Bill Text: IL HB2165 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. Provides that in counties of 3,000,000 or more inhabitants, the holder of a tax lien certificate on property sold under the Code shall pay to the County Collector an additional 2.5% of the subsequent taxes, interest, and penalties paid by the tax purchaser and posted to the tax judgment, sale, redemption, and forfeiture record. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-02-07 - Referred to Rules Committee [HB2165 Detail]
Download: Illinois-2023-HB2165-Introduced.html
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1 | AN ACT concerning revenue.
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2 | Be it enacted by the People of the State of Illinois,
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3 | represented in the General Assembly:
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4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
5 | Section 21-295 as follows:
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6 | (35 ILCS 200/21-295)
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7 | Sec. 21-295. Creation of indemnity fund.
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8 | (a) In counties of less than 3,000,000 inhabitants, each | |||||||||||||||||||
9 | person
purchasing any property at a sale under this Code shall | |||||||||||||||||||
10 | pay
to the County Collector, prior to the issuance of any | |||||||||||||||||||
11 | certificate of purchase,
an indemnity fee set by the county | |||||||||||||||||||
12 | collector of not more than $20 for each item purchased. A like | |||||||||||||||||||
13 | sum shall be paid for each year
that all or a portion of
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14 | subsequent taxes are paid by the tax purchaser
and posted to
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15 | the tax judgment, sale, redemption and forfeiture record where | |||||||||||||||||||
16 | the underlying
certificate of purchase is recorded.
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17 | (a-5) In counties of 3,000,000 or more inhabitants, each | |||||||||||||||||||
18 | person purchasing
property at a
sale under this Code shall pay | |||||||||||||||||||
19 | to the County Collector a
nonrefundable fee of $80
for each | |||||||||||||||||||
20 | item purchased plus an additional sum equal to 5% of the taxes,
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21 | interest, and penalties paid
under Section 21-240. In these | |||||||||||||||||||
22 | counties, the certificate holder shall also pay
to the County | |||||||||||||||||||
23 | Collector a fee of $80 for each year that all or a portion of
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1 | subsequent taxes are paid by the tax purchaser and posted to | ||||||
2 | the tax judgment,
sale, redemption, and forfeiture record | ||||||
3 | together with an additional 2.5% of the subsequent taxes, | ||||||
4 | interest, and penalties paid by the tax purchaser and posted | ||||||
5 | to the tax judgment, sale, redemption, and forfeiture record .
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6 | The changes to this subsection made by this amendatory Act of | ||||||
7 | the 91st
General Assembly are not a new enactment, but | ||||||
8 | declaratory of existing law.
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9 | (b) The amount paid prior to issuance of the certificate | ||||||
10 | of purchase
pursuant to subsection (a) or (a-5) shall be | ||||||
11 | included in the purchase price of
the property in the
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12 | certificate of purchase and all amounts paid under this | ||||||
13 | Section shall be
included in the amount
required to redeem | ||||||
14 | under Section 21-355, except for the nonrefundable $80 fee for | ||||||
15 | each item purchased at the tax sale as provided in this | ||||||
16 | Section.
Except as otherwise provided in subsection (b) of | ||||||
17 | Section 21-300, all
money received under subsection (a) or | ||||||
18 | (a-5) shall be paid by the Collector
to the
County Treasurer of | ||||||
19 | the County in which the land is situated, for the purpose
of an | ||||||
20 | indemnity fund. The County Treasurer, as trustee of that fund, | ||||||
21 | shall
invest all of that fund, principal and income, in his or | ||||||
22 | her hands from time to
time, if not immediately required for | ||||||
23 | payments of indemnities under subsection
(a) of Section | ||||||
24 | 21-305, in investments permitted by the Illinois State Board | ||||||
25 | of
Investment under Article 22A of the Illinois Pension Code. | ||||||
26 | The county
collector shall report annually to the county clerk |
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1 | on the condition and
income of the fund. The indemnity fund | ||||||
2 | shall be held to satisfy judgments
obtained against the County | ||||||
3 | Treasurer, as trustee of the fund. No payment shall
be made | ||||||
4 | from the fund, except upon a judgment of the court which | ||||||
5 | ordered the
issuance of a tax deed.
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6 | (Source: P.A. 100-1070, eff. 1-1-19; 101-659, eff. 3-23-21.)
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7 | Section 99. Effective date. This Act takes effect upon | ||||||
8 | becoming law.
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