Bill > HB3569

This bill amends the Property Tax Code to provide a new mechanism for property owners facing tax deed sales to potentially recover excess proceeds from their property. Specifically, the bill allows any owner with an interest in a property on the date a tax deed petition is filed to request an "excess proceeds sale" through one of three methods: before the final redemption date, before the tax deed order is entered, or within 90 days after the tax deed order is entered. If such a sale occurs, the certificate of purchase will be sold at a public auction, with proceeds first covering taxes and costs, and any surplus funds deposited with the circuit court clerk. The bill introduces detailed requirements for noticing and conducting these excess proceeds sales, including publication requirements and specific notice to interested parties. Additionally, the bill establishes a $500 fee for each excess proceeds sale to be deposited into the county's indemnity fund, and creates a structured process for claiming any surplus funds, allowing property owners, the county treasurer, and other parties to petition the court for fund distribution. The goal appears to be providing property owners with an additional opportunity to recover value from a property subject to a tax deed sale, while also creating a more transparent and standardized process for handling such sales.

Budget and Finance

https://www.ilga.gov/legislation/BillStatus.asp?DocNum=3569&GAID=18&DocTypeID=HB&SessionID=114&GA=104