SB3147 97TH GENERAL ASSEMBLY

LRB097 19108 HLH 64348 b

97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3147

Introduced 2/1/2012, by Sen. Thomas Johnson

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-215

Amends the Property Tax Code. In a Section concerning penalty bids at the annual tax sale, provides that no bid shall be accepted for a penalty exceeding 9% (instead of 18%) of the amount of the tax or special assessment on property. Effective immediately.

FISCAL NOTE ACT MAY APPLY

HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY

A BILL FOR

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 21-215 as follows:

(35 ILCS 200/21-215)

Sec. 21-215. Penalty bids. The person at the sale offering to pay the amount due on each property for the least penalty percentage shall be the purchaser of that property. No bid shall be accepted for a penalty exceeding 9% 18% of the amount of the tax or special assessment on property.

(Source: P.A. 86-1431; 86-1480; 88-455.)

Section 99. Effective date. This Act takes effect upon becoming law.