summary
Introduced
02/06/2026
02/06/2026
In Committee
02/06/2026
02/06/2026
Crossed Over
Passed
Dead
Introduced Session
104th General Assembly
Bill Summary
Amends the Deposit of State Moneys Act. Provides that the State Treasurer may accept a proposal or application from a financial institution for access to capital at a market rate that allows the Treasurer to provide funding to a county for relief of property tax payments. Amends the Property Tax Code. Provides that, for tax year 2027 and thereafter, the tax lien or certificate for all delinquent property subject to a tax sale shall be assigned to the county as trustee for all taxing districts having an interest in the property's taxes or special assessment for the nonpayment of which the property is sold. Provides that the county must attempt to sell the property acquired by tax deed at a public auction. Contains provisions concerning surplus funds. Contains provisions concerning notice. Contains other provisions. Amends the Counties Code and the Revised Uniform Unclaimed Property Act to make conforming changes.
AI Summary
This bill makes several changes to how property taxes are handled in Illinois. It allows the State Treasurer to accept proposals from financial institutions to provide capital at market rates, which can then be used to fund counties for property tax relief. For tax years 2027 and beyond, tax liens or certificates for properties sold due to delinquent taxes will be assigned to the county as a trustee for all taxing districts involved, and the county will be required to attempt to sell these properties through a public auction, with provisions for handling surplus funds and notifying interested parties. The bill also includes conforming changes to other related codes, such as the Counties Code and the Revised Uniform Unclaimed Property Act, to align with these new property tax procedures.
Sponsors (1)
Last Action
Referred to Assignments (on 02/06/2026)
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