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| | 97TH GENERAL ASSEMBLY
State of Illinois
2011 and 2012
SB3147 Introduced 2/1/2012, by Sen. Thomas Johnson SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. In a Section concerning penalty bids at the annual tax sale, provides that no bid shall be accepted for a penalty exceeding 9% (instead of 18%) of the
amount of the tax or special assessment on property. Effective immediately.
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| | | FISCAL NOTE ACT MAY APPLY | | HOUSING AFFORDABILITY IMPACT NOTE ACT MAY APPLY |
| | A BILL FOR |
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| | SB3147 | | LRB097 19108 HLH 64348 b |
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| 1 | | AN ACT concerning revenue.
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| 2 | | Be it enacted by the People of the State of Illinois,
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| 3 | | represented in the General Assembly:
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| 4 | | Section 5. The Property Tax Code is amended by changing |
| 5 | | Section 21-215 as follows:
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| 6 | | (35 ILCS 200/21-215)
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| 7 | | Sec. 21-215. Penalty bids. The person at the sale offering |
| 8 | | to pay the amount
due on each property for the least penalty |
| 9 | | percentage shall be the purchaser of
that property. No bid |
| 10 | | shall be accepted for a penalty exceeding 9% 18% of the
amount |
| 11 | | of the tax or special assessment on property.
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| 12 | | (Source: P.A. 86-1431; 86-1480; 88-455.)
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| 13 | | Section 99. Effective date. This Act takes effect upon |
| 14 | | becoming law.
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