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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5140 Introduced 2/9/2024, by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
| | | Amends the Property Tax Code. Makes a technical change in a Section concerning issuance of a tax bill. |
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| | A BILL FOR |
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| | HB5140 | | LRB103 38141 HLH 68273 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois, |
| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 21-45 as follows:
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| 6 | | (35 ILCS 200/21-45) |
| 7 | | Sec. 21-45. Failure to issue tax bill in prior year. In the |
| 8 | | the event no tax bill was issued as provided in Section 21-30, |
| 9 | | on any property in any previous year for any reason, one tax |
| 10 | | bill shall be prepared and mailed by July 1 of the year |
| 11 | | subsequent to the year in which no tax bill was issued, and |
| 12 | | taxes on that property for that year only shall bear interest |
| 13 | | after the first day of August of that year. In counties with |
| 14 | | fewer than 3,000,000 inhabitants, interest shall accrue at the |
| 15 | | rate of 1 1/2% per month or portion thereof until paid or |
| 16 | | forfeited. In counties with 3,000,000 or more inhabitants, if |
| 17 | | the taxes are for a tax year before tax year 2023, then |
| 18 | | interest shall accrue at the rate of 1.5% per month, or portion |
| 19 | | thereof, until paid or forfeited. In counties with 3,000,000 |
| 20 | | or more inhabitants, if the taxes are for the 2023 tax year or |
| 21 | | any tax year thereafter, then interest shall accrue at the |
| 22 | | rate of 0.75% per month, or portion thereof, until paid or |
| 23 | | forfeited. |