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IL HB4318
Bill
Status
Failed
1/7/2025
Primary Sponsor
Curtis Tarver
Click for details
AI Summary
- Applies to tax deeds issued for residential property sold on or after the effective date of this amendatory act
- Tax deed grantee must pay surplus to previous owner within 30 days after recording the deed
- Surplus calculation for property sold since deed recording: sale amount minus redemption cost, encumbrances, and $500 administrative fee
- Surplus calculation for property not sold since deed recording: assessed value on deed issuance date minus redemption cost, encumbrances, and $500 administrative fee
- Amends Section 22-80 to require refund of any surplus paid under Section 22-77 when a tax deed order is vacated by court
Legislative Description
PROPERTY TX-SURPLUS
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Rules4/5/2024
Property Tax3/8/2024
Revenue & Finance2/28/2024
Rules1/16/2024
Full Bill Text
No bill text available