99TH GENERAL ASSEMBLY
State of Illinois
2015 and 2016
HB5636

 

Introduced , by Rep. Elaine Nekritz

 

SYNOPSIS AS INTRODUCED:
 
35 ILCS 200/21-295

    Amends the Property Tax Code. Reinstates a fee in an amount equal to 5% of all subsequent taxes, interest, and penalties to be paid by the certificate holder.


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FISCAL NOTE ACT MAY APPLY

 

 

A BILL FOR

 

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1    AN ACT concerning revenue.
 
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
 
4    Section 5. The Property Tax Code is amended by changing
5Section 21-295 as follows:
 
6    (35 ILCS 200/21-295)
7    Sec. 21-295. Creation of indemnity fund.
8    (a) In counties of less than 3,000,000 inhabitants, each
9person purchasing any property at a sale under this Code shall
10pay to the County Collector, prior to the issuance of any
11certificate of purchase, a fee of $20 for each item purchased.
12A like sum shall be paid for each year that all or a portion of
13subsequent taxes are paid by the tax purchaser and posted to
14the tax judgment, sale, redemption and forfeiture record where
15the underlying certificate of purchase is recorded.
16    (a-5) In counties of 3,000,000 or more inhabitants, each
17person purchasing property at a sale under this Code shall pay
18to the County Collector a fee of $80 for each item purchased
19plus an additional sum equal to 5% of taxes, interest, and
20penalties paid by the purchaser, including the taxes, interest,
21and penalties paid under Section 21-240. In these counties, the
22certificate holder shall also pay to the County Collector a fee
23of $80 for each year that all or a portion of subsequent taxes

 

 

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1are paid by the tax purchaser and posted to the tax judgment,
2sale, redemption, and forfeiture record, plus an additional sum
3equal to 5% of all subsequent taxes, interest, and penalties.
4The additional 5% fees are not required after December 31, 2006
5and prior to the effective date of this amendatory Act of the
699th General Assembly, but shall be required on and after the
7effective date of this amendatory Act of the 99th General
8Assembly. The changes to this subsection made by this
9amendatory Act of the 91st General Assembly are not a new
10enactment, but declaratory of existing law.
11    (b) The amount paid prior to issuance of the certificate of
12purchase pursuant to subsection (a) or (a-5) shall be included
13in the purchase price of the property in the certificate of
14purchase and all amounts paid under this Section shall be
15included in the amount required to redeem under Section 21-355.
16Except as otherwise provided in subsection (b) of Section
1721-300, all money received under subsection (a) or (a-5) shall
18be paid by the Collector to the County Treasurer of the County
19in which the land is situated, for the purpose of an indemnity
20fund. The County Treasurer, as trustee of that fund, shall
21invest all of that fund, principal and income, in his or her
22hands from time to time, if not immediately required for
23payments of indemnities under subsection (a) of Section 21-305,
24in investments permitted by the Illinois State Board of
25Investment under Article 22A of the Illinois Pension Code. The
26county collector shall report annually to the county clerk on

 

 

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1the condition and income of the fund. The indemnity fund shall
2be held to satisfy judgments obtained against the County
3Treasurer, as trustee of the fund. No payment shall be made
4from the fund, except upon a judgment of the court which
5ordered the issuance of a tax deed.
6(Source: P.A. 94-412, eff. 8-2-05.)