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HB3985 Engrossed |
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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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| Section
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| special assessments not withdrawn from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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