PROP TAX-TAX SALE-BOND MINIMUM
Synopsis of Bill as introduced:
Amends the Property Tax Code. In provisions requiring a person to
deposit with the county collector a letter of credit or other
unconditional bond in an amount not less than 1.5 times the amount of
any tax or special assessment due upon property the person intends to
purchases at a tax sale, provides that in no event shall the letter of
credit or other unconditional bond be in an amount less than $1,000.
FISCAL NOTE (Illinois Department of Revenue)
House Bill 4082 does not have fiscal implications for the
Department of Revenue or the State of Illinois.
SENATE AMENDMENT NO. 1.
Adds reference to:
35 ILCS 200/21-355
Amends the Property Tax Code. Provides that the penalty that must
be paid to redeem property sold at a tax sale includes up to $125 paid
for costs of title insurance and to identify and locate owners and
interested parties to the subject real estate.
Last action on Bill: SESSION SINE DIE
Last action date: JAN-07-2003
Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1
END OF INQUIRY
Full Text Bill Status