HB5140 Summary

• Amends Section 21-45 of the Property Tax Code regarding failure to issue tax bills in prior years

• Corrects grammatical error by removing duplicate "the" at the beginning of the section

• Maintains requirement that one tax bill be prepared and mailed by July 1 of the year following when no tax bill was issued

• Preserves different interest rate structures: counties with fewer than 3,000,000 inhabitants accrue interest at 1.5% per month; counties with 3,000,000+ inhabitants accrue interest at 1.5% per month for pre-2023 tax years and 0.75% per month for 2023 tax year and thereafter