HB3258 Summary

• Reduces interest rates on delinquent property taxes in counties with 3,000,000 or more inhabitants (primarily Cook County) from 1.5% per month to 0.75% per month for tax years 2023 and thereafter.

• Reduces interest rates on omitted property assessments in large counties from 1.5% per month to 0.75% per month for tax years 2023 and thereafter.

• Reduces interest rates on forfeited taxes in large counties from 12% per year to 0.75% per month for tax years 2023 and thereafter.

• Maintains the original 1.5% per month interest rate for counties with less than 3,000,000 inhabitants and for tax years prior to 2023 in all counties.

• Takes effect immediately upon becoming law.