IL HB2554

Requires tax deed notices under the Property Tax Code to include statements in 9 non-English languages (Spanish, Polish, Chinese, Tagalog, Arabic, Korean, German, Urdu, and Gujarati) encouraging readers to have the notice translated due to its importance regarding property taxes and ownership.

Adds a "Limited Right to Reimbursement" section to tax deed notices informing property owners about potential compensation from the county's Indemnity Fund if they lose their home and owned more equity than their total overdue taxes, fees, and interest.

Establishes new notice requirements for occupants after a tax deed is conveyed, requiring the purchaser to notify occupants within 21 days that control of the property has changed and provide contact information, clarifying it is not a notice to vacate.

Defines "bona fide lease" for residential real estate with specific requirements including arms-length transactions, fair market rent, and lease terms of one year or less, and protects such leases from immediate termination following tax deed conveyance.

Requires a 90-day notice period to terminate bona fide leases in residential properties conveyed by tax deed, with exceptions for individuals occupying a unit as their primary residence.