IL SB2083

Expands eligibility for Indemnity Fund payments to all property owners who lose property due to tax deed issuance, removing the previous restriction that limited equitable indemnity to owners who resided on properties with 4 or fewer dwelling units

Eliminates the $99,000 cap on equitable indemnity awards that previously applied to residential property owners

Removes the requirement that property owners prove the loss was not due to their own fault or negligence in order to receive indemnity awards exceeding $99,000

Indemnity awards remain calculated as the fair cash value of the property at the time of tax deed issuance, minus any mortgages, liens, and taxes paid by the tax purchaser

Petitions for indemnity must be filed within 10 years after the tax deed was issued; the bill takes effect immediately upon becoming law