Bill > SB2083

This bill amends the Property Tax Code to modify the provisions for payments from the Indemnity Fund, which provides compensation to property owners who lose their property through a tax deed process. The key changes remove previous limitations on who can receive compensation, eliminating specific language about dwelling unit restrictions and the $99,000 compensation cap. Now, all property owners who sustain loss or damage due to a tax deed and are prevented from recovering their property can seek indemnity. The bill maintains that the compensation will be based on the fair cash value of the property less any mortgages or liens, and allows the court to liberally construe the eligibility for compensation. The bill preserves existing provisions about the process of seeking indemnity, including filing a petition with the court, naming the County Treasurer as a defendant, and maintaining a 10-year statute of limitations for filing such petitions. Additionally, the bill retains provisions about subrogation rights for the County Treasurer and discovery requirements in indemnity actions, ensuring transparency and the ability to investigate the details of such claims.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=2083&GAID=18&DocTypeID=SB&SessionID=114&GA=104