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93RD GENERAL ASSEMBLY
State of Illinois
2003 and 2004
HB3985
Introduced 1/6/2004, by Robert S. Molaro SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code with respect to tax sale procedures. Provides that property may be forfeited to the State of Illinois only if offered at public sale and not sold for want of bidders, with certain exceptions (now, every property offered at public sale, and not sold for want of bidders shall, with certain exceptions, be forfeited to the State of Illinois).
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| FISCAL NOTE ACT
MAY APPLY
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A BILL FOR
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HB3985 |
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LRB093 14721 SJM 40264 b |
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| AN ACT concerning property.
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| Be it enacted by the People of the State of Illinois,
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| represented in the General Assembly:
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| Section 1. The Property Tax Code is amended by changing
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| 21-225 as follows:
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| (35 ILCS 200/21-225)
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| Sec. 21-225. Forfeited property. Property may be forfeited |
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| to the
State of Illinois only if
Every
property offered at |
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| public sale, and
not sold for want of bidders, unless the |
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| property
it is released from
sale by the withdrawal
from |
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| collection of a special assessment levied thereon, shall be |
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| forfeited to
the State of Illinois. However, when the court, |
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| county clerk and county
treasurer certify that the taxes and |
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| special assessments not withdrawn from
collection on forfeited |
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| property equal or exceed the actual value of the
property, the |
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| county collector shall, on the receipt of such certificate, |
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| offer
the property for sale to the highest bidder, after first |
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| giving 10 days'
notice, in the manner described in Sections |
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| 21-110 and 21-115, of the time
and place of sale, together with |
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| a description of the property to be offered. A
certificate of |
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| purchase shall be issued to the purchaser at the sale as in
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| other cases provided in this Code. The county collector shall |
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| receive credit in
the settlement with the taxing bodies for |
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| which the tax was levied for the
amount not realized by the |
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| sale. The amount received from the sale shall be
paid by the |
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| collector, pro rata, to the taxing bodies entitled to it.
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| (Source: Laws 1965, p. 631; P.A. 88-455.)
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