IL HB5144

Amends the Property Tax Code to expand tax abatement provisions to include school districts and park districts, in addition to counties and municipalities, when acquiring property through foreclosure, judicial deed, or other specified means.

Extends tax abatement eligibility to situations where a county, municipality, school district, or park district acquires property that was to be transferred under annexation agreements, development agreements, donation agreements, plats of subdivision, or zoning ordinances from dissolved or bankrupt entities.

Requires all due or unpaid property taxes and existing liens for unpaid property taxes to become null and void when a qualifying governmental unit acquires the property.

Requires the acquiring governmental unit to provide written notice to the county assessment officer, county collector, and county clerk, who must then void current and prior unpaid taxes and enter a statement on their records indicating the property's acquisition status and tax waiver.

Takes effect upon becoming law.