IL HB3421

Creates a new Equity Fund in the State Treasury to compensate property owners who lose their property through tax deed sales, funded by fees collected from tax lien purchasers at the time of sale and when subsequent taxes are paid

Establishes Equity Fund fees of $150 per certificate in counties with fewer than 3,000,000 inhabitants and $250 per certificate in counties with 3,000,000 or more inhabitants, with additional fees for subsequent tax payments

Increases indemnity fund fees in Cook County from $80 to $200 per item purchased, reduces the percentage fee from 5% to 3%, and increases subsequent year fees from $80 to $150

Allows former property owners to apply for equity surplus payments within one year of tax deed recording, calculated as the fair market value minus the tax lien amounts and subsequent taxes paid by the purchaser

Prohibits indemnity fund payments if an Equity Fund application is pending, and authorizes counties to charge application fees up to $500 for equity surplus claims