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IL HB5075
Bill
Status
Introduced
2/4/2026
Primary Sponsor
Curtis Tarver
Click for details
AI Summary
- Tax deed grantees must pay surplus funds to previous residential property owners within 30 days after recording a tax deed
- Surplus calculation when property is sold: sale amount minus redemption costs, encumbrances, and a $500 administrative fee retained by the grantee
- Surplus calculation when property is unsold: assessed value at time of deed issuance minus redemption costs, encumbrances, and the $500 administrative fee
- Previous owners may file civil action in circuit court to enforce surplus payment requirements
- If a tax deed is later vacated by court order, any surplus previously paid by the grantee must be refunded to them
Legislative Description
PROPERTY TX-SURPLUS
Last Action
To Property Tax Subcommittee
2/26/2026
Committee Referrals
Property Tax2/26/2026
Revenue & Finance2/24/2026
Rules2/10/2026
Full Bill Text
No bill text available