Full Text of HB2163 103rd General Assembly
HB2163 103RD GENERAL ASSEMBLY |
| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024 HB2163 Introduced 2/7/2023, by Rep. Margaret Croke SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. In provisions concerning the indemnity fund, provides that the tax purchaser shall pay to the county collector an additional amount equal to 2.5% of the amount of any subsequent taxes on the property that are paid by the tax purchaser. Effective immediately.
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| | A BILL FOR |
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| 1 | | AN ACT concerning revenue.
| 2 | | Be it enacted by the People of the State of Illinois,
| 3 | | represented in the General Assembly:
| 4 | | Section 5. The Property Tax Code is amended by changing | 5 | | Section 21-295 as follows:
| 6 | | (35 ILCS 200/21-295)
| 7 | | Sec. 21-295. Creation of indemnity fund.
| 8 | | (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,
an indemnity fee set by the county | 12 | | collector of not more than $20 for each item purchased. A like | 13 | | sum shall be paid for each year
that all or a portion of
| 14 | | subsequent taxes are paid by the tax purchaser
and posted to
| 15 | | the tax judgment, sale, redemption and forfeiture record where | 16 | | the underlying
certificate of purchase is recorded.
| 17 | | (a-5) In counties of 3,000,000 or more inhabitants, each | 18 | | person purchasing
property at a
sale under this Code shall pay | 19 | | to the County Collector : | 20 | | (1) a
nonrefundable fee of $80
for each item | 21 | | purchased ; | 22 | | (2) plus an additional sum equal to 5% of the taxes,
| 23 | | interest, and penalties paid
under Section 21-240 ; . |
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| 1 | | (3) In these counties, the certificate holder shall | 2 | | also pay
to the County Collector a fee of $80 for each year | 3 | | that all or a portion of
subsequent taxes are paid by the | 4 | | tax purchaser and posted to the tax judgment,
sale, | 5 | | redemption, and forfeiture record ; and .
| 6 | | (4) for tax sales that occur on or after the effective | 7 | | date of this amendatory Act of the 103rd General Assembly, | 8 | | an additional sum equal to 2.5% of the amount of any | 9 | | subsequent taxes on the property that are paid by the tax | 10 | | purchaser and posted to the tax judgment,
sale, | 11 | | redemption, and forfeiture record. | 12 | | The changes to this subsection made by this amendatory Act | 13 | | of the 91st
General Assembly are not a new enactment, but | 14 | | declaratory of existing law.
| 15 | | (b) The amount paid prior to issuance of the certificate | 16 | | of purchase
pursuant to subsection (a) or (a-5) shall be | 17 | | included in the purchase price of
the property in the
| 18 | | certificate of purchase and all amounts paid under this | 19 | | Section shall be
included in the amount
required to redeem | 20 | | under Section 21-355, except for the nonrefundable $80 fee for | 21 | | each item purchased at the tax sale as provided in this | 22 | | Section.
Except as otherwise provided in subsection (b) of | 23 | | Section 21-300, all
money received under subsection (a) or | 24 | | (a-5) shall be paid by the Collector
to the
County Treasurer of | 25 | | the County in which the land is situated, for the purpose
of an | 26 | | indemnity fund. The County Treasurer, as trustee of that fund, |
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| 1 | | shall
invest all of that fund, principal and income, in his or | 2 | | her hands from time to
time, if not immediately required for | 3 | | payments of indemnities under subsection
(a) of Section | 4 | | 21-305, in investments permitted by the Illinois State Board | 5 | | of
Investment under Article 22A of the Illinois Pension Code. | 6 | | The county
collector shall report annually to the county clerk | 7 | | on the condition and
income of the fund. The indemnity fund | 8 | | shall be held to satisfy judgments
obtained against the County | 9 | | Treasurer, as trustee of the fund. No payment shall
be made | 10 | | from the fund, except upon a judgment of the court which | 11 | | ordered the
issuance of a tax deed.
| 12 | | (Source: P.A. 100-1070, eff. 1-1-19; 101-659, eff. 3-23-21.)
| 13 | | Section 99. Effective date. This Act takes effect upon | 14 | | becoming law.
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