Bill > SB3642

This bill amends the Property Tax Code to extend provisions that cancel property taxes on property acquired by a governmental unit to also include townships. Specifically, when a township acquires property through means such as foreclosure, accepting a deed in lieu of foreclosure, or through agreements like annexation or development, any outstanding property taxes and existing liens for those taxes will become void. The bill also clarifies that when a governmental unit, now including townships, acquires such property, they must notify county officials, who will then void the current and all prior unpaid taxes on their records, effectively extinguishing the tax liens.

Budget and Finance

https://www.ilga.gov/Legislation/BillStatus?DocNum=3642&GAID=18&DocTypeID=SB&SessionID=114&GA=104