Bill Text: IL HB2163 | 2023-2024 | 103rd General Assembly | Introduced
Bill Title: Amends the Property Tax Code. In provisions concerning the indemnity fund, provides that the tax purchaser shall pay to the county collector an additional amount equal to 2.5% of the amount of any subsequent taxes on the property that are paid by the tax purchaser. Effective immediately.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced) 2023-03-10 - Rule 19(a) / Re-referred to Rules Committee [HB2163 Detail]
Download: Illinois-2023-HB2163-Introduced.html
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
| ||||||||||||||||||||
1 | AN ACT concerning revenue.
| |||||||||||||||||||
2 | Be it enacted by the People of the State of Illinois,
| |||||||||||||||||||
3 | represented in the General Assembly:
| |||||||||||||||||||
4 | Section 5. The Property Tax Code is amended by changing | |||||||||||||||||||
5 | Section 21-295 as follows:
| |||||||||||||||||||
6 | (35 ILCS 200/21-295)
| |||||||||||||||||||
7 | Sec. 21-295. Creation of indemnity fund.
| |||||||||||||||||||
8 | (a) In counties of less than 3,000,000 inhabitants, each | |||||||||||||||||||
9 | person
purchasing any property at a sale under this Code shall | |||||||||||||||||||
10 | pay
to the County Collector, prior to the issuance of any | |||||||||||||||||||
11 | certificate of purchase,
an indemnity fee set by the county | |||||||||||||||||||
12 | collector of not more than $20 for each item purchased. A like | |||||||||||||||||||
13 | sum shall be paid for each year
that all or a portion of
| |||||||||||||||||||
14 | subsequent taxes are paid by the tax purchaser
and posted to
| |||||||||||||||||||
15 | the tax judgment, sale, redemption and forfeiture record where | |||||||||||||||||||
16 | the underlying
certificate of purchase is recorded.
| |||||||||||||||||||
17 | (a-5) In counties of 3,000,000 or more inhabitants, each | |||||||||||||||||||
18 | person purchasing
property at a
sale under this Code shall pay | |||||||||||||||||||
19 | to the County Collector : | |||||||||||||||||||
20 | (1) a
nonrefundable fee of $80
for each item | |||||||||||||||||||
21 | purchased ; | |||||||||||||||||||
22 | (2) plus an additional sum equal to 5% of the taxes,
| |||||||||||||||||||
23 | interest, and penalties paid
under Section 21-240 ; . |
| |||||||
| |||||||
1 | (3) In these counties, the certificate holder shall | ||||||
2 | also pay
to the County Collector a fee of $80 for each year | ||||||
3 | that all or a portion of
subsequent taxes are paid by the | ||||||
4 | tax purchaser and posted to the tax judgment,
sale, | ||||||
5 | redemption, and forfeiture record ; and .
| ||||||
6 | (4) for tax sales that occur on or after the effective | ||||||
7 | date of this amendatory Act of the 103rd General Assembly, | ||||||
8 | an additional sum equal to 2.5% of the amount of any | ||||||
9 | subsequent taxes on the property that are paid by the tax | ||||||
10 | purchaser and posted to the tax judgment,
sale, | ||||||
11 | redemption, and forfeiture record. | ||||||
12 | The changes to this subsection made by this amendatory Act | ||||||
13 | of the 91st
General Assembly are not a new enactment, but | ||||||
14 | declaratory of existing law.
| ||||||
15 | (b) The amount paid prior to issuance of the certificate | ||||||
16 | of purchase
pursuant to subsection (a) or (a-5) shall be | ||||||
17 | included in the purchase price of
the property in the
| ||||||
18 | certificate of purchase and all amounts paid under this | ||||||
19 | Section shall be
included in the amount
required to redeem | ||||||
20 | under Section 21-355, except for the nonrefundable $80 fee for | ||||||
21 | each item purchased at the tax sale as provided in this | ||||||
22 | Section.
Except as otherwise provided in subsection (b) of | ||||||
23 | Section 21-300, all
money received under subsection (a) or | ||||||
24 | (a-5) shall be paid by the Collector
to the
County Treasurer of | ||||||
25 | the County in which the land is situated, for the purpose
of an | ||||||
26 | indemnity fund. The County Treasurer, as trustee of that fund, |
| |||||||
| |||||||
1 | shall
invest all of that fund, principal and income, in his or | ||||||
2 | her hands from time to
time, if not immediately required for | ||||||
3 | payments of indemnities under subsection
(a) of Section | ||||||
4 | 21-305, in investments permitted by the Illinois State Board | ||||||
5 | of
Investment under Article 22A of the Illinois Pension Code. | ||||||
6 | The county
collector shall report annually to the county clerk | ||||||
7 | on the condition and
income of the fund. The indemnity fund | ||||||
8 | shall be held to satisfy judgments
obtained against the County | ||||||
9 | Treasurer, as trustee of the fund. No payment shall
be made | ||||||
10 | from the fund, except upon a judgment of the court which | ||||||
11 | ordered the
issuance of a tax deed.
| ||||||
12 | (Source: P.A. 100-1070, eff. 1-1-19; 101-659, eff. 3-23-21.)
| ||||||
13 | Section 99. Effective date. This Act takes effect upon | ||||||
14 | becoming law.
|