IL HB1801

Allows chief county assessment officers in counties with fewer than 3,000,000 inhabitants to classify property that received an erroneous homestead exemption as "omitted property" for the current assessment year and up to 3 prior years (previously limited to the current taxable year only)

Authorizes counties to collect unpaid taxes on erroneously exempted property plus 10% annual interest and any additional fees or costs incurred in identifying and collecting the amounts

Protects bona fide purchasers who acquire property without notice of the erroneous homestead exemption from being charged back taxes, interest, fees, or costs arising from the exemption error

Extends the same protection to mortgagees, tax buyers, judgment creditors, and other lienholders whose rights arose after the erroneous exemption was granted but before the property was listed as omitted

Establishes that a title insurance policy showing the property is free of liens or arrearages under this section serves as prima facie evidence that the purchaser had no notice of the erroneous exemption