IL SB1432

Amends the Property Tax Code to exempt property owned by entities created by county or municipal ordinance or intergovernmental agreement for acquiring tax-delinquent, low-value, or other troubled property and returning it to productive use.

Expands Section 15-60 of the Property Tax Code to add this new exemption category for property rehabilitation entities.

Modifies Section 21-95 to clarify that government units can acquire property through donation and have unpaid property taxes and tax liens become null and void upon acquisition.

Effective immediately upon becoming law.