SB 1675 Summary

• Modifies Illinois Property Tax Code sections related to tax sales, redemption periods, interest rates, and forfeited property management for counties with 3,000,000 or more inhabitants (primarily Cook County).

• Reduces interest rates on delinquent taxes from 1.5% per month to 0.75% per month for tax year 2023 and thereafter in large counties, while maintaining 1.5% rates for earlier tax years.

• Extends the redemption period for property sold at tax sale from 2 years to 2.5 years for most residential property, and changes the redemption period for vacant non-farm and commercial/industrial property from 6 months to 1 year.

• Establishes new procedures for county management of forfeited tax certificates under Section 21-90, including authority to assign certificates to taxing districts, municipalities, land banks, and non-profit affordable housing developers, with a 4-year deadline for recording tax deeds.

• Updates notice requirements and procedures for tax sales and redemption to clarify deadlines and provide more detailed information to property owners about redemption options and county clerk contact information.