HB2933 103RD GENERAL ASSEMBLY

LRB103 29828 HLH 56236 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB2933

Introduced 2/16/2023, by Rep. Steven Reick

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-365

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.

A BILL FOR

AN ACT concerning revenue.

Be it enacted by the People of the State of Illinois, represented in the General Assembly:

Section 5. The Property Tax Code is amended by changing Section 21-365 as follows:

(35 ILCS 200/21-365)

Sec. 21-365. Deficiency judgment. If the sold property is not redeemed, a deficiency judgment shall not be taken on account of the receivership proceedings against the owner or owners of the property. In the event that income to the receiver exceeds expenditures, net income is to be deposited with the clerk of the court ordering the tax sale and shall be distributed as determined by the court ordering the appointment of the receiver; however, for tax sales occurring on or after the effective date of this amendatory Act of the 103rd General Assembly, 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.

(Source: P.A. 86-286; 86-413; 86-418; 86-949; 86-1028; 86-1158; 86-1481; 87-145; 87-236; 87-435; 87-895; 87-1189; 88-455.)

Section 99. Effective date. This Act takes effect upon becoming law.