Bill > HB3130

This bill amends the Property Tax Code to establish a process for returning surplus funds to previous property owners after a tax deed is issued for residential property. Specifically, within 30 days of recording a tax deed, the tax deed grantee must pay any surplus to the previous property owner. The surplus is calculated differently depending on whether the property has been resold: if sold, it is the sale amount minus redemption costs, encumbrances, and a $500 administrative fee; if not sold, it is the property's fair market value (as determined by the county assessment officer) minus similar expenses. The bill applies to tax deeds issued for residential properties on or after the effective date of the amendment. Additionally, the bill allows for civil actions to enforce these provisions to be filed in the circuit court where the property is located. The legislation also modifies existing law to ensure that if a tax deed is later vacated by a court, any surplus paid by the tax deed grantee would be refunded along with other expenses.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3130&GAID=18&DocTypeID=HB&SessionID=114&GA=104