IL SB2395

Reduces the interest rate on delinquent property taxes in Cook County (a county with 3,000,000+ inhabitants) from 1.5% per month to 0.75% per month for tax year 2023 and thereafter.

Applies the reduced 0.75% monthly interest rate to omitted property assessments, forfeited taxes, unpaid taxes on first and second installments, and failure-to-issue tax bills for tax year 2023 and later.

Maintains the higher 1.5% monthly interest rate for all delinquent taxes from tax years prior to 2023 in Cook County.

Reduces the penalty rate on tax certificate redemptions from 12% per year to 0.75% per month for forfeitures occurring after tax sales for tax year 2023 and thereafter.

Does not affect counties with fewer than 3,000,000 inhabitants, which continue to use the standard 1.5% monthly interest rate on all delinquent taxes.