IL HB0859

Reduces the penalty on subsequent taxes and special assessments paid by tax certificate holders from 12% to 3% per year or portion thereof between payment date and redemption date.

Applies to taxes and special assessments that become delinquent, along with accrued interest and associated costs, in the redemption amount calculation.

Maintains the existing 12% penalty rate for properties purchased under Section 21-405.

Becomes effective immediately upon becoming law.