IL SB3568

Amends Section 21-305 of the Property Tax Code to expand eligibility for indemnity payments from the Indemnity Fund to all property owners who sustain loss or damage from tax deed issuance, removing previous restrictions limited to owners of properties with 4 or fewer dwelling units.

Eliminates the $99,000 cap on indemnity awards and the requirement for owners to prove lack of fault or negligence to receive awards exceeding that amount.

Establishes that indemnity awards equal the fair cash value of the property as of the tax deed issuance date, minus any mortgages or liens and minus the principal amount of taxes paid by the tax purchaser before issuance.

Requires the County Treasurer as Trustee of the Indemnity Fund to allow discovery into beneficial ownership of contracts involving indemnity proceeds and the negotiation timeline, with information subject to protective orders at the court's discretion.

Sets a 10-year filing deadline for indemnity petitions after the tax deed issuance date, and makes the bill effective immediately.