IL HB5532

Properties owned by Cook County Land Bank Authority, South Suburban Land Bank and Development Authority, and Northern Illinois Land Bank Authority that are held for future development are exempt from property taxes

These land bank authorities can claim exemptions through a simplified process requiring only a recorded deed and an affidavit of use, bypassing the standard Department of Revenue review procedures

County boards of review must grant the exemption without further Department review once they confirm receipt of the required documentation, with their decision subject to Administrative Review Law

Counties or taxing districts acquiring tax sale certificates under Sections 21-90 and 21-260 are exempted from paying the $10 fee plus postage for mailing delinquent tax sale notices

The required mailed notice period before expiration of property redemption rights is shortened from 3 months minimum to one month minimum