IL SB0202

Creates the Vacancy Fraud Act allowing property owners in counties with 3,000,000+ inhabitants to file complaints alleging commercial properties improperly received vacancy tax reductions while owners made no effort to sell, lease, or improve the property.

Authorizes county boards of review to hear vacancy fraud complaints filed no more than 5 years after the fraud occurred, effective January 1, 2024, with no complaints allowed for reductions granted before the act's effective date.

Establishes 12 factors for boards to consider when determining if a property owner actively attempted to sell or lease the property, including signage, advertisements, real estate agent involvement, asking prices, pending contracts, and permit applications.

Permits boards to require property owners found guilty of vacancy fraud to pay up to 3 times the amount of back taxes owed for the vacancy reduction period, plus interest up to 10% per annum.

Directs unpaid back taxes to appropriate taxing districts under the Property Tax Code, while interest and penalties fund the county assessment officer's office for public education about the act.