HB5140 103RD GENERAL ASSEMBLY

LRB103 38141 HLH 68273 b

103RD GENERAL ASSEMBLY
State of Illinois
2023 and 2024
HB5140

Introduced 2/9/2024, by Rep. Steven Reick

SYNOPSIS AS INTRODUCED:

35 ILCS 200/21-45

Amends the Property Tax Code. Makes a technical change in a Section concerning issuance of a tax bill.

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 21-45 as follows:

(35 ILCS 200/21-45)

Sec. 21-45. Failure to issue tax bill in prior year. In the the event no tax bill was issued as provided in Section 21-30, on any property in any previous year for any reason, one tax bill shall be prepared and mailed by July 1 of the year subsequent to the year in which no tax bill was issued, and taxes on that property for that year only shall bear interest after the first day of August of that year. In counties with fewer than 3,000,000 inhabitants, interest shall accrue at the rate of 1 1/2% per month or portion thereof until paid or forfeited. In counties with 3,000,000 or more inhabitants, if the taxes are for a tax year before tax year 2023, then interest shall accrue at the rate of 1.5% per month, or portion thereof, until paid or forfeited. In counties with 3,000,000 or more inhabitants, if the taxes are for the 2023 tax year or any tax year thereafter, then interest shall accrue at the rate of 0.75% per month, or portion thereof, until paid or forfeited.

(Source: P.A. 103-555, eff. 1-1-24.)