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IL HB4573
Bill
Status
Failed
1/7/2025
Primary Sponsor
Amy Elik
Click for details
AI Summary
- Applies to tax deeds issued for residential property sold on or after the effective date of this act
- Tax deed grantee must pay surplus to previous property owner within 30 days of recording the tax deed
- Surplus calculation for properties sold since recording equals sale proceeds minus redemption amount, encumbrances, and a $500 administrative fee
- Surplus calculation for properties not sold since recording equals fair market value (determined by county assessment officer) minus redemption amount, encumbrances, and a $500 administrative fee
- Tax deed grantee or purchaser must reimburse surplus payments previously made if a court vacates the tax deed order
Legislative Description
PROPERTY TX-SURPLUS
Last Action
Session Sine Die
1/7/2025
Committee Referrals
Rules4/5/2024
Property Tax3/8/2024
Revenue & Finance3/5/2024
Rules1/31/2024
Full Bill Text
No bill text available