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90_HB0883
35 ILCS 200/21-295
Amends the Property Tax Code. Increases the fee each
person purchasing property at a sale under the Code pays to
the County Collector in counties of 3,000,000 or more
inhabitants from $50 to $150, except that if the property is
improved with a structure consisting of at least one and not
more than 6 dwelling units, the fee is increased to $100.
Increases the fee paid for each year that an installment of
subsequent taxes, or portion thereof, is paid by the tax
purchaser and posted to the tax judgment, sale, redemption
and forfeiture record from $80 to $300, except that if the
property is improved with a structure consisting of at least
one and not more than 6 dwelling units, the fee is increased
to $150.
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1 AN ACT to amend the Property Tax Code by changing Section
2 21-295.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Section 21-295 as follows:
7 (35 ILCS 200/21-295)
8 Sec. 21-295. Creation of indemnity fund.
9 (a) Each person purchasing any property at a sale under
10 this Code shall pay to the County Collector, prior to the
11 issuance of any certificate of purchase, a fee of $20 for
12 each item purchased in counties of less than 3,000,000
13 inhabitants and $150 $80 in counties of 3,000,000 or more
14 inhabitants , except that, in counties of 3,000,000 or more
15 inhabitants, if the property is improved with a structure
16 consisting of at least one and not more than 6 dwelling
17 units, the fee is $100. In counties of less than 3,000,000
18 inhabitants, a fee of $20 shall be paid for each year that an
19 installment of subsequent taxes, or portion thereof, is paid
20 by the tax purchaser and posted to the tax judgment, sale,
21 redemption and forfeiture record where the underlying
22 certificate is recorded. In counties of 3,000,000 or more
23 inhabitants, a fee of $300 shall be paid for each year that
24 an installment of subsequent taxes, or portion thereof, is
25 paid by the tax purchaser and posted to the tax judgment,
26 sale, redemption and forfeiture record where the underlying
27 certificate is recorded, except that, if the property is
28 improved with a structure consisting of at least one and not
29 more than 6 dwelling units, the fee is $150. In all counties,
30 a like sum shall be paid for each year that an installment of
31 subsequent taxes, or portion thereof is paid by the tax
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1 purchaser and posted to the tax judgment, sale, redemption
2 and forfeiture record where the underlying certificate of
3 purchase is recorded. The amount paid prior to issuance of
4 the certificate of purchase shall be included in the purchase
5 price of the property in the certificate of purchase and all
6 amounts paid under this subsection shall be included in the
7 amount required to redeem under Section 21-355.
8 (b) Except as otherwise provided in subsection (b) of
9 Section 21-300, all money received under subsection (a) shall
10 be paid by the Collector to the County Treasurer of the
11 County in which the land is situated, for the purpose of an
12 indemnity fund. The County Treasurer, as trustee of that
13 fund, shall invest all of that fund, principal and income, in
14 his or her hands from time to time, if not immediately
15 required for payments of indemnities under subsection (a) of
16 Section 21-305, in investments permitted by the Illinois
17 State Board of Investment under Article 22A of the Illinois
18 Pension Code. The county collector shall report annually to
19 the Circuit Court on the condition and income of the fund.
20 The indemnity fund shall be held to satisfy judgments
21 obtained against the County Treasurer, as trustee of the
22 fund. No payment shall be made from the fund, except upon a
23 judgment of the court which ordered the issuance of a tax
24 deed.
25 (Source: P.A. 86-1028; 86-1431; 88-455.)