summary
Introduced
02/05/2026
02/05/2026
In Committee
02/17/2026
02/17/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Property Tax Code. In provisions concerning tax sales, provides that, for tax sales that occur on or after the effective date of the amendatory Act, the redemption period shall be 5 years (instead of 2.5 years). Provides that a tax deed grantee may file a petition in the circuit court of the county in which the property is located forcing a judicial sale of the property. Contains provisions concerning the distribution of surplus funds. Effective immediately.
AI Summary
This bill amends the Property Tax Code to extend the redemption period for properties sold at tax sales from 2.5 years to 5 years for sales occurring on or after the bill's effective date. Additionally, it allows the owner of a tax deed, who has acquired property through a tax sale, to petition the circuit court to force a judicial sale of that property, similar to how a mortgage foreclosure works. This judicial sale would be conducted through an online bidding process, advertised on real estate listing websites, and the proceeds would be distributed first to cover delinquent taxes, penalties, interest, and fees, then to other governmental units with liens, and finally any remaining surplus would go to the original property owner. If the surplus funds are not claimed within 120 days, they will be handled according to unclaimed property laws.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Assigned to Revenue (on 02/17/2026)
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