Illinois 2023-2024 Regular Session

Illinois House Bill HB2163 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2163 Introduced , by Rep. Margaret Croke SYNOPSIS AS INTRODUCED: 35 ILCS 200/21-295 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. LRB103 06058 HLH 51088 b A BILL FOR 103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2163 Introduced , by Rep. Margaret Croke SYNOPSIS AS INTRODUCED: 35 ILCS 200/21-295 35 ILCS 200/21-295 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. LRB103 06058 HLH 51088 b LRB103 06058 HLH 51088 b A BILL FOR
2	2	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2163 Introduced , by Rep. Margaret Croke SYNOPSIS AS INTRODUCED:
3	3	35 ILCS 200/21-295 35 ILCS 200/21-295
4	4	35 ILCS 200/21-295
5	5	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.
6	6	LRB103 06058 HLH 51088 b LRB103 06058 HLH 51088 b
7	7	LRB103 06058 HLH 51088 b
8	8	A BILL FOR
9	9	HB2163LRB103 06058 HLH 51088 b HB2163 LRB103 06058 HLH 51088 b
10	10	HB2163 LRB103 06058 HLH 51088 b
11	11	1 AN ACT concerning revenue.
12	12	2 Be it enacted by the People of the State of Illinois,
13	13	3 represented in the General Assembly:
14	14	4 Section 5. The Property Tax Code is amended by changing
15	15	5 Section 21-295 as follows:
16	16	6 (35 ILCS 200/21-295)
17	17	7 Sec. 21-295. Creation of indemnity fund.
18	18	8 (a) In counties of less than 3,000,000 inhabitants, each
19	19	9 person purchasing any property at a sale under this Code shall
20	20	10 pay to the County Collector, prior to the issuance of any
21	21	11 certificate of purchase, an indemnity fee set by the county
22	22	12 collector of not more than $20 for each item purchased. A like
23	23	13 sum shall be paid for each year that all or a portion of
24	24	14 subsequent taxes are paid by the tax purchaser and posted to
25	25	15 the tax judgment, sale, redemption and forfeiture record where
26	26	16 the underlying certificate of purchase is recorded.
27	27	17 (a-5) In counties of 3,000,000 or more inhabitants, each
28	28	18 person purchasing property at a sale under this Code shall pay
29	29	19 to the County Collector:
30	30	20 (1) a nonrefundable fee of $80 for each item
31	31	21 purchased;
32	32	22 (2) plus an additional sum equal to 5% of the taxes,
33	33	23 interest, and penalties paid under Section 21-240; .
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37	37	103RD GENERAL ASSEMBLY State of Illinois 2023 and 2024 HB2163 Introduced , by Rep. Margaret Croke SYNOPSIS AS INTRODUCED:
38	38	35 ILCS 200/21-295 35 ILCS 200/21-295
39	39	35 ILCS 200/21-295
40	40	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.
41	41	LRB103 06058 HLH 51088 b LRB103 06058 HLH 51088 b
42	42	LRB103 06058 HLH 51088 b
43	43	A BILL FOR
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49	49	35 ILCS 200/21-295
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66	66	HB2163- 2 -LRB103 06058 HLH 51088 b HB2163 - 2 - LRB103 06058 HLH 51088 b
67	67	HB2163 - 2 - LRB103 06058 HLH 51088 b
68	68	1 (3) In these counties, the certificate holder shall
69	69	2 also pay to the County Collector a fee of $80 for each year
70	70	3 that all or a portion of subsequent taxes are paid by the
71	71	4 tax purchaser and posted to the tax judgment, sale,
72	72	5 redemption, and forfeiture record; and .
73	73	6 (4) for tax sales that occur on or after the effective
74	74	7 date of this amendatory Act of the 103rd General Assembly,
75	75	8 an additional sum equal to 2.5% of the amount of any
76	76	9 subsequent taxes on the property that are paid by the tax
77	77	10 purchaser and posted to the tax judgment, sale,
78	78	11 redemption, and forfeiture record.
79	79	12 The changes to this subsection made by this amendatory Act
80	80	13 of the 91st General Assembly are not a new enactment, but
81	81	14 declaratory of existing law.
82	82	15 (b) The amount paid prior to issuance of the certificate
83	83	16 of purchase pursuant to subsection (a) or (a-5) shall be
84	84	17 included in the purchase price of the property in the
85	85	18 certificate of purchase and all amounts paid under this
86	86	19 Section shall be included in the amount required to redeem
87	87	20 under Section 21-355, except for the nonrefundable $80 fee for
88	88	21 each item purchased at the tax sale as provided in this
89	89	22 Section. Except as otherwise provided in subsection (b) of
90	90	23 Section 21-300, all money received under subsection (a) or
91	91	24 (a-5) shall be paid by the Collector to the County Treasurer of
92	92	25 the County in which the land is situated, for the purpose of an
93	93	26 indemnity fund. The County Treasurer, as trustee of that fund,
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104	104	1 shall invest all of that fund, principal and income, in his or
105	105	2 her hands from time to time, if not immediately required for
106	106	3 payments of indemnities under subsection (a) of Section
107	107	4 21-305, in investments permitted by the Illinois State Board
108	108	5 of Investment under Article 22A of the Illinois Pension Code.
109	109	6 The county collector shall report annually to the county clerk
110	110	7 on the condition and income of the fund. The indemnity fund
111	111	8 shall be held to satisfy judgments obtained against the County
112	112	9 Treasurer, as trustee of the fund. No payment shall be made
113	113	10 from the fund, except upon a judgment of the court which
114	114	11 ordered the issuance of a tax deed.
115	115	12 (Source: P.A. 100-1070, eff. 1-1-19; 101-659, eff. 3-23-21.)
116	116	13 Section 99. Effective date. This Act takes effect upon
117	117	14 becoming law.
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