Bill Text: IL HB0307 | 2009-2010 | 96th General Assembly | Introduced

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Bill Title: Amends the Property Tax Code. Provides that, in counties of 3,000,000 or more inhabitants, each person purchasing property at a sale under the Code must pay to the county collector an additional fee equal to 5% of the taxes, interest, and penalties paid by the purchaser. Effective immediately.

Spectrum: Partisan Bill (Democrat 2-0)

Status: (Introduced - Dead) 2009-03-13 - Rule 19(a) / Re-referred to Rules Committee [HB0307 Detail]

Download: Illinois-2009-HB0307-Introduced.html

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96TH GENERAL ASSEMBLY State of Illinois 2009 and 2010 HB0307 Introduced 1/23/2009, by Rep. Robert Rita SYNOPSIS AS INTRODUCED:
35 ILCS 200/21-295
Amends the Property Tax Code. Provides that, in counties of 3,000,000 or more inhabitants, each person purchasing property at a sale under the Code must pay to the county collector an additional fee equal to 5% of the taxes, interest, and penalties paid by the purchaser. Effective immediately.
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FISCAL NOTE ACT MAY APPLY
A BILL FOR
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AN ACT concerning revenue.
Be it enacted by the People of the State of Illinois,
represented in the General Assembly:
Section 5. The Property Tax Code is amended by changing
Section 21-295 as follows:
(35 ILCS 200/21-295)
Sec. 21-295. Creation of indemnity fund.
(a) In counties of less than 3,000,000 inhabitants, each
person purchasing any property at a sale under this Code shall
pay to the County Collector, prior to the issuance of any
certificate of purchase, a fee of $20 for each item purchased.
A like sum shall be paid for each year that all or a portion of
subsequent taxes are paid by the tax purchaser and posted to
the tax judgment, sale, redemption and forfeiture record where
the underlying certificate of purchase is recorded.
(a-5) In counties of 3,000,000 or more inhabitants, each
person purchasing property at a sale under this Code shall pay
to the County Collector a fee of $80 for each item purchased
plus an additional sum equal to 5% of taxes, interest, and
penalties paid by the purchaser, including the taxes, interest,
and penalties paid under Section 21-240. In these counties, the
certificate holder shall also pay to the County Collector a fee
of $80 for each year that all or a portion of subsequent taxes

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are paid by the tax purchaser and posted to the tax judgment,
sale, redemption, and forfeiture record, plus an additional sum
equal to 5% of all subsequent taxes, interest, and penalties.
The additional 5% fees are not required after December 31,
2006. The changes to this subsection made by this amendatory
Act of the 91st General Assembly are not a new enactment, but
declaratory of existing law.
(b) The amount paid prior to issuance of the certificate of
purchase pursuant to subsection (a) or (a-5) shall be included
in the purchase price of the property in the certificate of
purchase and all amounts paid under this Section shall be
included in the amount required to redeem under Section 21-355.
Except as otherwise provided in subsection (b) of Section
21-300, all money received under subsection (a) or (a-5) shall
be paid by the Collector to the County Treasurer of the County
in which the land is situated, for the purpose of an indemnity
fund. The County Treasurer, as trustee of that fund, shall
invest all of that fund, principal and income, in his or her
hands from time to time, if not immediately required for
payments of indemnities under subsection (a) of Section 21-305,
in investments permitted by the Illinois State Board of
Investment under Article 22A of the Illinois Pension Code. The
county collector shall report annually to the county clerk on
the condition and income of the fund. The indemnity fund shall
be held to satisfy judgments obtained against the County
Treasurer, as trustee of the fund. No payment shall be made

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from the fund, except upon a judgment of the court which
ordered the issuance of a tax deed.
(Source: P.A. 94-412, eff. 8-2-05.)
Section 99. Effective date. This Act takes effect upon
becoming law.