Full Text of HB0307 96th General Assembly
HB0307 96TH GENERAL ASSEMBLY
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96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010 HB0307
Introduced 1/23/2009, by Rep. Robert Rita SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Provides that, in counties of 3,000,000 or more inhabitants, each person purchasing property at a sale under the Code must pay to the county collector an additional fee equal to 5% of the taxes,
interest, and penalties paid by the purchaser. Effective immediately.
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A BILL FOR
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HB0307 |
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LRB096 02879 HLH 12893 b |
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| AN ACT concerning revenue.
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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 5. The Property Tax Code is amended by changing | 5 |
| Section 21-295 as follows:
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| (35 ILCS 200/21-295)
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| Sec. 21-295. Creation of indemnity fund.
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| (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,
a fee of $20 for each item purchased. | 12 |
| A like sum shall be paid for each year
that all or a portion of
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| subsequent taxes are paid by the tax purchaser
and posted to
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| the tax judgment, sale, redemption and forfeiture record where | 15 |
| the underlying
certificate of purchase is recorded.
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| (a-5) In counties of 3,000,000 or more inhabitants, each | 17 |
| person purchasing
property at a
sale under this Code shall pay | 18 |
| to the County Collector a
fee of $80
for each item purchased | 19 |
| plus an additional sum equal to 5% of taxes,
interest, and | 20 |
| penalties paid by the purchaser, including the taxes,
interest, | 21 |
| and penalties paid
under Section 21-240. In these counties, the | 22 |
| certificate holder shall also pay
to the County Collector a fee | 23 |
| of $80 for each year that all or a portion of
subsequent taxes |
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HB0307 |
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LRB096 02879 HLH 12893 b |
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| are paid by the tax purchaser and posted to the tax judgment,
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| sale, redemption, and forfeiture record, plus an additional sum | 3 |
| equal to 5% of
all subsequent taxes, interest, and penalties. | 4 |
| The additional 5% fees are not required after December 31, | 5 |
| 2006.
The changes to this subsection made by this amendatory | 6 |
| Act of the 91st
General Assembly are not a new enactment, but | 7 |
| declaratory of existing law.
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| (b) The amount paid prior to issuance of the certificate of | 9 |
| purchase
pursuant to subsection (a) or (a-5) shall be included | 10 |
| in the purchase price of
the property in the
certificate of | 11 |
| purchase and all amounts paid under this Section shall be
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| included in the amount
required to redeem under Section 21-355.
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| Except as otherwise provided in subsection (b) of Section | 14 |
| 21-300, all
money received under subsection (a) or (a-5) shall | 15 |
| be paid by the Collector
to the
County Treasurer of the County | 16 |
| in which the land is situated, for the purpose
of an indemnity | 17 |
| fund. The County Treasurer, as trustee of that fund, shall
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| invest all of that fund, principal and income, in his or her | 19 |
| hands from time to
time, if not immediately required for | 20 |
| payments of indemnities under subsection
(a) of Section 21-305, | 21 |
| in investments permitted by the Illinois State Board of
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| Investment under Article 22A of the Illinois Pension Code. The | 23 |
| county
collector shall report annually to the county clerk on | 24 |
| the condition and
income of the fund. The indemnity fund shall | 25 |
| be held to satisfy judgments
obtained against the County | 26 |
| Treasurer, as trustee of the fund. No payment shall
be made |
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HB0307 |
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LRB096 02879 HLH 12893 b |
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| from the fund, except upon a judgment of the court which | 2 |
| ordered the
issuance of a tax deed.
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| (Source: P.A. 94-412, eff. 8-2-05.)
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| Section 99. Effective date. This Act takes effect upon | 5 |
| becoming law.
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