summary
Introduced
02/07/2025
02/07/2025
In Committee
04/11/2025
04/11/2025
Crossed Over
Passed
Dead
Introduced Session
Potential new amendment
104th General Assembly
Bill Summary
Amends the Property Tax Code. Establishes an Equity Fund. Provides that moneys in the Equity Fund shall be expended exclusively for the purpose of paying the amount ordered for equity surplus payments to Illinois property owners who have lost their property by a recorded tax deed, except that, whenever the State Treasurer determines that any such moneys in the Equity Fund exceed the amount required for the purpose of paying equity surplus payments resulting from property ownership being divested by tax deed, the State Treasurer may transfer any such excess amounts from the Equity Fund to the General Revenue Fund. Provides for an irrevocable and continuing appropriation from Illinois tax lien purchasers for the purpose of paying equity surplus payments to the divested property upon the order of the State Treasurer and for the purpose of paying equity surplus to the divested property owner. In provisions concerning the indemnity fund, makes changes to the fees that are collected for tax sales in counties of 3,000,000 or more inhabitants. Sets forth an Equity Fund fee, calculation of the equity surplus, and an application process. Makes conforming and other changes. Amends the State Finance Act to make a conforming change.
AI Summary
This bill establishes an Equity Fund to provide compensation to property owners who have lost their property through a tax deed. The bill creates a new mechanism for property owners to apply for equity surplus payments within one year of a tax deed being recorded. In counties with less than 3,000,000 inhabitants, tax purchasers will pay a $150 non-refundable Equity Fund fee per certificate, while in counties with 3,000,000 or more inhabitants, the fee will be $250. The county treasurer must transmit these fees to the State Treasurer, who will deposit them into the Equity Fund. The fund will be used exclusively to pay equity surplus to property owners who have lost their property, with any excess funds potentially transferrable to the General Revenue Fund. To receive payment, property owners must submit a detailed application to the county treasurer, including proof of ownership and property value. The equity surplus will be calculated by subtracting the tax liens and subsequent taxes from the fair market value of the property at the time of loss. The bill also allows counties to charge up to a $500 application fee and provides a structured process for reviewing and approving equity surplus claims through the court system.
Committee Categories
Budget and Finance
Sponsors (2)
Last Action
House Floor Amendment No. 1 Rule 19(c) / Re-referred to Rules Committee (on 04/11/2025)
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