summary
Introduced
02/06/2025
02/06/2025
In Committee
06/02/2025
06/02/2025
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Property Tax Code. Provides that, when the county, as trustee, files one petition for more than one delinquent tax lien or certificate, the county may request that the court issue a tax deed to the county, as trustee, without holding a judicial tax deed auction. Provides that the county shall offer the parcel for sale at a public auction within 120 days of recording the tax deed. Sets forth requirements for the county auction. Provides that any owner of property sold under any provision of the Code who sustains loss or damage by reason of the issuance of a tax deed shall have the right to recover surplus equity that was lost in the property through an award of indemnity. Amends the Mortgage Rescue Fraud Act. Provides that a distressed property conveyance contract must contain a statement that the property owner may have the right to obtain money for any equity lost if a tax deed is issued. Effective immediately.
AI Summary
This bill amends the Property Tax Code and the Mortgage Rescue Fraud Act to modify procedures related to tax deed sales and property transfers involving distressed properties. For tax deed sales, the bill allows counties to file a single petition for multiple delinquent tax liens and request a tax deed without a judicial auction. If a tax deed is issued, the county must offer the property at a public auction within 120 days, with specific requirements for notice, bidding, and surplus fund distribution. The bill introduces a new provision allowing property owners who lose their property through a tax deed to potentially recover surplus equity through an indemnity claim within two years of the tax deed issuance. Additionally, the bill amends the Mortgage Rescue Fraud Act to require that distressed property conveyance contracts include a notice informing property owners about their potential right to obtain money for lost equity if a tax deed is issued, and advising them to consult an attorney before selling their property. These changes aim to provide more transparency and protection for property owners facing tax delinquency and potential property loss.
Committee Categories
Budget and Finance
Sponsors (3)
Last Action
Rule 3-9(a) / Re-referred to Assignments (on 06/02/2025)
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2029&GAID=18&DocTypeID=SB&SessionID=114&GA=104 |
| BillText | https://www.ilga.gov/legislation/104/SB/10400SB2029.htm |
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