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IL HB4637
Bill
Status
Introduced
1/27/2026
Primary Sponsor
Jay Hoffman
Click for details
AI Summary
- Amends the Property Tax Code to allow counties with fewer than 3,000,000 inhabitants to treat property that received an erroneous homestead exemption as "omitted property" for the current year and up to 3 prior assessment years
- Authorizes collection of unpaid taxes on erroneously exempted property plus 10% annual interest and any fees or costs incurred in identifying and collecting the taxes
- Protects bona fide purchasers who acquired property without notice of the erroneous exemption from liability for back taxes, interest, fees, or costs
- Extends the same protection to mortgagees, tax buyers, judgment creditors, and other lienholders whose interests arose after the erroneous exemption but before the property was listed as omitted
- Title insurance policies showing the property free of liens under this section serve as prima facie evidence that the purchaser had no notice of the erroneous exemption; takes effect immediately upon becoming law
Legislative Description
PROP TX-OMITTED PROPERTY
Last Action
To Property Tax Subcommittee
2/26/2026
Committee Referrals
Property Tax2/26/2026
Revenue & Finance2/11/2026
Rules2/3/2026
Full Bill Text
No bill text available