IL HB3672

Creates a new Equity Fund in the State Treasury to compensate former property owners who lost their property through tax deed sales, funded by fees paid by tax lien purchasers at county tax sales

Establishes Equity Fund fees of $150-$250 per certificate of purchase (depending on county population) plus $150-$200 for each subsequent tax year, collected from tax lien purchasers and transmitted to the State Treasurer

Increases indemnity fund fees in counties with 3,000,000+ inhabitants from $80 to $200 per item purchased, plus 3% (down from 5%) of taxes, interest, and penalties paid

Requires former property owners to file an application for equity surplus payment within one year of the tax deed being recorded, with counties authorized to charge up to $500 in application fees

Calculates equity surplus as the fair market value of the property at time of loss minus the tax lien amount, statutory fees, and any subsequent taxes paid by the tax deed grantee