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| | 103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2933 Introduced 2/16/2023, by Rep. Steven Reick SYNOPSIS AS INTRODUCED:
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Amends the Property Tax Code. Provides that, in the case of a deficiency judgment, if the owner of the property at the time of the tax sale can be located after a reasonably diligent search by the clerk of the court, then net income shall be returned to that person. Effective immediately.
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| | A BILL FOR |
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| | HB2933 | | LRB103 29828 HLH 56236 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 21-365 as follows:
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| 6 | | (35 ILCS 200/21-365)
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| 7 | | Sec. 21-365. Deficiency judgment. If the sold property is |
| 8 | | not redeemed, a
deficiency judgment shall not be taken on |
| 9 | | account of the receivership
proceedings against the owner or |
| 10 | | owners of the property. In the event that
income to the |
| 11 | | receiver exceeds expenditures, net income is to be deposited |
| 12 | | with
the clerk of the court ordering the tax sale and shall be |
| 13 | | distributed as
determined by the court ordering the |
| 14 | | appointment of the receiver; however, for tax sales occurring |
| 15 | | on or after the effective date of this amendatory Act of the |
| 16 | | 103rd General Assembly, if the owner of the property at the |
| 17 | | time of the tax sale can be located after a reasonably diligent |
| 18 | | search by the clerk of the court, then net income shall be |
| 19 | | returned to that person.
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| 20 | | (Source: P.A. 86-286; 86-413; 86-418; 86-949; 86-1028;
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| 21 | | 86-1158; 86-1481; 87-145; 87-236; 87-435; 87-895; 87-1189; |
| 22 | | 88-455.)
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