Loading chat...

IL SB3494

Bill

Official Source

Status

Introduced

2/5/2026

Primary Sponsor

Willie Preston

Click for details

Origin

Senate

104th General Assembly

AI Summary

  • Extends the property tax sale redemption period from 2.5 years to 5 years for tax sales occurring after the bill's effective date
  • Allows tax deed holders to petition circuit court to force a judicial sale of the property using the same procedures as mortgage foreclosure sales
  • Requires judicial sales to be conducted through online competitive bidding, advertised on multiple listing service websites at least 30 days before the auction
  • Permits private contractors to operate the online auction for up to 3% of proceeds exceeding the amount of taxes, penalties, interest, and costs owed
  • Establishes distribution priority for sale proceeds: first to delinquent taxes and liens, then to government lienholders, and finally surplus funds to the original property owner or heirs within 120 days

Legislative Description

PROP TX-FORCED SALE

Last Action

Rule 2-10 Committee Deadline Established As April 24, 2026

3/13/2026

Committee Referrals

Revenue3/5/2026
Assignments3/4/2026
Revenue2/17/2026
Assignments2/5/2026

Full Bill Text

No bill text available