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91_HB3942
LRB9111738SMdv
1 AN ACT to amend the Property Tax Code by changing
2 Sections 21-295 and 21-355.
3 Be it enacted by the People of the State of Illinois,
4 represented in the General Assembly:
5 Section 5. The Property Tax Code is amended by changing
6 Sections 21-295 and 21-355 as follows:
7 (35 ILCS 200/21-295)
8 Sec. 21-295. Creation of indemnity fund.
9 (a) In counties of less than 3,000,000 inhabitants, each
10 person purchasing any property at a sale under this Code
11 shall pay to the County Collector, prior to the issuance of
12 any certificate of purchase, a fee of $20 for each item
13 purchased. A like sum shall be paid for each year that all
14 or a portion of subsequent taxes are paid by the tax
15 purchaser and posted to the tax judgment, sale, redemption
16 and forfeiture record where the underlying certificate of
17 purchase is recorded.
18 (a-5) In counties of 3,000,000 or more inhabitants, each
19 person purchasing property at a sale under this Code shall
20 pay to the County Collector a fee of $80 for each item
21 purchased plus an additional sum equal to 5% of total taxes,
22 interest, and penalties paid by the purchaser, including the
23 taxes, interest, and penalties paid under Section 21-240. In
24 these counties, the certificate holder shall also pay to the
25 County Collector a fee of $80 for each year that all or a
26 portion of subsequent taxes are paid by the tax purchaser and
27 posted to the tax judgment, sale, redemption, and forfeiture
28 record, plus an additional sum equal to 5% of all subsequent
29 taxes, interest, and penalties. The additional 5% fees are
30 fee is not required after December 31, 2006. The changes to
31 this subsection made by this amendatory Act of the 91st
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1 General Assembly are not a new enactment, but declaratory of
2 existing law.
3 (b) The amount paid prior to issuance of the certificate
4 of purchase pursuant to subsection (a) or (a-5) shall be
5 included in the purchase price of the property in the
6 certificate of purchase and all amounts paid under this
7 Section shall be included in the amount required to redeem
8 under Section 21-355. Except as otherwise provided in
9 subsection (b) of Section 21-300, all money received under
10 subsection (a) or (a-5) shall be paid by the Collector to the
11 County Treasurer of the County in which the land is situated,
12 for the purpose of an indemnity fund. The County Treasurer,
13 as trustee of that fund, shall invest all of that fund,
14 principal and income, in his or her hands from time to time,
15 if not immediately required for payments of indemnities under
16 subsection (a) of Section 21-305, in investments permitted by
17 the Illinois State Board of Investment under Article 22A of
18 the Illinois Pension Code. The county collector shall report
19 annually to the Circuit Court on the condition and income of
20 the fund. The indemnity fund shall be held to satisfy
21 judgments obtained against the County Treasurer, as trustee
22 of the fund. No payment shall be made from the fund, except
23 upon a judgment of the court which ordered the issuance of a
24 tax deed.
25 (Source: P.A. 91-564, eff. 8-14-99.)
26 (35 ILCS 200/21-355)
27 Sec. 21-355. Amount of redemption. Any person desiring
28 to redeem shall deposit an amount specified in this Section
29 with the county clerk of the county in which the property is
30 situated, in legal money of the United States, or by
31 cashier's check, certified check, post office money order or
32 money order issued by a financial institution insured by an
33 agency or instrumentality of the United States, payable to
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1 the county clerk of the proper county. The deposit shall be
2 deemed timely only if actually received in person at the
3 county clerk's office prior to the close of business as
4 defined in Section 3-2007 of the Counties Code on or before
5 the expiration of the period of redemption or by United
6 States mail with a post office cancellation mark dated not
7 less than one day prior to the expiration of the period of
8 redemption. The deposit shall be in an amount equal to the
9 total of the following:
10 (a) the certificate amount, which shall include all
11 tax principal, special assessments, interest and
12 penalties paid by the tax purchaser together with costs
13 and fees of sale and fees paid under Sections 21-295 and
14 21-315 through 21-335;
15 (b) the accrued penalty, computed through the date
16 of redemption as a percentage of the certificate amount,
17 as follows:
18 (1) if the redemption occurs on or before the
19 expiration of 6 months from the date of sale, the
20 certificate amount times the penalty bid at sale;
21 (2) if the redemption occurs after 6 months
22 from the date of sale, and on or before the
23 expiration of 12 months from the date of sale, the
24 certificate amount times 2 times the penalty bid at
25 sale;
26 (3) if the redemption occurs after 12 months
27 from the date of sale and on or before the
28 expiration of 18 months from the date of sale, the
29 certificate amount times 3 times the penalty bid at
30 sale;
31 (4) if the redemption occurs after 18 months
32 from the date of sale and on or before the
33 expiration of 24 months from the date of sale, the
34 certificate amount times 4 times the penalty bid at
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1 sale;
2 (5) if the redemption occurs after 24 months
3 from the date of sale and on or before the
4 expiration of 30 months from the date of sale, the
5 certificate amount times 5 times the penalty bid at
6 sale;
7 (6) if the redemption occurs after 30 months
8 from the date of sale and on or before the
9 expiration of 36 months from the date of sale, the
10 certificate amount times 6 times the penalty bid at
11 sale.
12 In the event that the property to be redeemed
13 has been purchased under Section 21-405 21-370, the
14 penalty bid shall be 12% per penalty period as set
15 forth in subparagraphs (1) through (6) of this
16 subsection (b). The changes to this subdivision
17 (b)(6) made by this amendatory Act of the 91st
18 General Assembly are not a new enactment, but
19 declaratory of existing law.
20 (c) The total of all taxes, special assessments,
21 accrued interest on those taxes and special assessments
22 and costs charged in connection with the payment of those
23 taxes or special assessments, which have been paid by the
24 tax certificate holder on or after the date those taxes
25 or special assessments became delinquent together with
26 12% penalty on each amount so paid for each year or
27 portion thereof intervening between the date of that
28 payment and the date of redemption. In counties with less
29 than 3,000,000 inhabitants, however, a tax certificate
30 holder may not pay all or part of an installment of a
31 subsequent tax or special assessment for any year, nor
32 shall any tender of such a payment be accepted, until
33 after the second or final installment of the subsequent
34 tax or special assessment has become delinquent or until
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1 after the holder of the certificate of purchase has filed
2 a petition for a tax deed under Section 22.30. The
3 person redeeming shall also pay the amount of interest
4 charged on the subsequent tax or special assessment and
5 paid as a penalty by the tax certificate holder. This
6 amendatory Act of 1995 applies to tax years beginning
7 with the 1995 taxes, payable in 1996, and thereafter.
8 (d) Any amount paid to redeem a forfeiture
9 occurring subsequent to the tax sale together with 12%
10 penalty thereon for each year or portion thereof
11 intervening between the date of the forfeiture redemption
12 and the date of redemption from the sale.
13 (e) Any amount paid by the certificate holder for
14 redemption of a subsequently occurring tax sale.
15 (f) All fees paid to the county clerk under Section
16 22-5.
17 (g) All fees paid to the registrar of titles
18 incident to registering the tax certificate in compliance
19 with the Registered Titles (Torrens) Act.
20 (h) All fees paid to the circuit clerk and the
21 sheriff or coroner in connection with the filing of the
22 petition for tax deed and service of notices under
23 Sections 22-15 through 22-30 and 22-40 in addition to (1)
24 a fee of $35 if a petition for tax deed has been filed,
25 which fee shall be posted to the tax judgement, sale,
26 redemption, and forfeiture record, to be paid to the
27 purchaser or his or her assignee; (2) a fee of $4 if a
28 notice under Section 22-5 has been filed, which fee shall
29 be posted to the tax judgment, sale, redemption, and
30 forfeiture record, to be paid to the purchaser or his or
31 her assignee; and (3) all costs paid to record a lis
32 pendens notice in connection with filing a petition under
33 this Code. The fees in (1) and (2) of this paragraph (h)
34 shall be exempt from the posting requirements of Section
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1 21-360.
2 (i) All fees paid for publication of notice of the
3 tax sale in accordance with Section 22-20.
4 (j) All sums paid to any city, village or
5 incorporated town for reimbursement under Section 22-35.
6 (k) All costs and expenses of receivership under
7 Section 21-410, to the extent that these costs and
8 expenses exceed any income from the property in question,
9 if the costs and expenditures have been approved by the
10 court appointing the receiver and a certified copy of the
11 order or approval is filed and posted by the certificate
12 holder with the county clerk. Only actual costs expended
13 may be posted on the tax judgment, sale, redemption and
14 forfeiture record.
15 (Source: P.A. 88-455; 89-57, eff. 6-30-95; 89-69, eff.
16 6-30-95; 89-626, eff. 8-9-96.)
17 Section 99. Effective date. This Act takes effect upon
18 becoming law.