Full Text of HB5636 99th General Assembly
HB5636 99TH GENERAL ASSEMBLY |
| | 99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016 HB5636 Introduced , by Rep. Elaine Nekritz SYNOPSIS AS INTRODUCED: |
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Amends the Property Tax Code. Reinstates a fee in an amount equal to 5% of
all subsequent taxes, interest, and penalties to be paid by the certificate holder.
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| | | FISCAL NOTE ACT MAY APPLY | |
| | 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,
a fee of $20 for each item purchased. | 12 | | A like sum shall be paid for each year
that all or a portion of
| 13 | | subsequent taxes are paid by the tax purchaser
and posted to
| 14 | | the tax judgment, sale, redemption and forfeiture record where | 15 | | the underlying
certificate of purchase is recorded.
| 16 | | (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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| 1 | | are paid by the tax purchaser and posted to the tax judgment,
| 2 | | 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, 2006 | 5 | | and prior to the effective date of this amendatory Act of the | 6 | | 99th General Assembly, but shall be required on and after the | 7 | | effective date of this amendatory Act of the 99th General | 8 | | Assembly .
The changes to this subsection made by this | 9 | | amendatory Act of the 91st
General Assembly are not a new | 10 | | enactment, but declaratory of existing law.
| 11 | | (b) The amount paid prior to issuance of the certificate of | 12 | | purchase
pursuant to subsection (a) or (a-5) shall be included | 13 | | in the purchase price of
the property in the
certificate of | 14 | | purchase and all amounts paid under this Section shall be
| 15 | | included in the amount
required to redeem under Section 21-355.
| 16 | | Except as otherwise provided in subsection (b) of Section | 17 | | 21-300, all
money received under subsection (a) or (a-5) shall | 18 | | be paid by the Collector
to the
County Treasurer of the County | 19 | | in which the land is situated, for the purpose
of an indemnity | 20 | | fund. The County Treasurer, as trustee of that fund, shall
| 21 | | invest all of that fund, principal and income, in his or her | 22 | | hands from time to
time, if not immediately required for | 23 | | payments of indemnities under subsection
(a) of Section 21-305, | 24 | | in investments permitted by the Illinois State Board of
| 25 | | Investment under Article 22A of the Illinois Pension Code. The | 26 | | county
collector shall report annually to the county clerk on |
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| 1 | | the condition and
income of the fund. The indemnity fund shall | 2 | | be held to satisfy judgments
obtained against the County | 3 | | Treasurer, as trustee of the fund. No payment shall
be made | 4 | | from the fund, except upon a judgment of the court which | 5 | | ordered the
issuance of a tax deed.
| 6 | | (Source: P.A. 94-412, eff. 8-2-05.)
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