SB0508 Summary

• Allows taxing districts to increase their aggregate extension base by the amount of refunds paid due to assessment decreases from certificates of error, court orders, or Property Tax Appeal Board decisions, beginning in levy year 2021.

• Permits county collectors to conduct scavenger tax sales using electronic automated bidding systems beginning in calendar year 2021, with no in-person attendance required if electronic means are used.

• Requires counties with 275,000 or more inhabitants to adopt a single bidder rule prohibiting tax purchasers from registering multiple related bidding entities at tax sales.

• Delays the 2018 tax sale application in Cook County until after the statewide COVID-19 public health emergency ends, but no later than October 1, 2021; establishes 180-day minimum spacing between delayed annual tax sales and 90-day spacing before scavenger sales.

• Prohibits home equity assurance programs that levied at least $1,000,000 in property taxes in levy year 2019 or 2020 from levying property taxes in levy year 2021; allows such programs to adjust their levy year 2022 aggregate extension base as if they had levied in 2021.