96TH GENERAL ASSEMBLY
State of Illinois
2009 and 2010
HB0307


 
Introduced 1/23/2009, by Rep. Robert Rita
 
SYNOPSIS AS INTRODUCED:
 		














35 ILCS 200/21-295









    Amends the Property Tax Code.  Provides that, in  counties of 3,000,000 or more inhabitants, each person purchasing property at a sale under the Code must pay to the county collector an additional fee equal to 5% of the taxes,
interest, and penalties paid by the purchaser. Effective immediately.
















LRB096 02879 HLH 12893 b

















FISCAL NOTE ACT MAY APPLY
















 


 


A BILL FOR









 











HB0307

LRB096 02879 HLH 12893 b






1
    AN ACT concerning revenue.

 
2
    Be it enacted by the People of the State of Illinois,
 
3
represented in the General Assembly:


 
4
    Section 5. The Property Tax Code is amended  by changing 
5
Section 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 
9
person
purchasing any property at a sale under this Code shall 
10
pay
to the County Collector, prior to the issuance of any 
11
certificate of purchase,
a fee of $20 for each item purchased.  
12
A like sum shall be paid for each year
that all or a portion of

13
subsequent taxes are paid by the tax purchaser
and posted to

14
the tax judgment, sale, redemption and forfeiture record where 
15
the underlying
certificate of purchase is recorded. 

16
    (a-5) In counties of 3,000,000 or more inhabitants, each 
17
person purchasing
property at a
sale under this Code shall pay 
18
to the County Collector a
fee of $80
for each item purchased 
19
plus an additional sum equal to 5% of taxes,
interest, and 
20
penalties paid by the purchaser, including the taxes,
interest, 
21
and penalties paid
under Section 21-240.  In these counties, the 
22
certificate holder shall also pay
to the County Collector a fee 
23
of $80 for each year that all or a portion of
subsequent taxes 
 


 






HB0307
- 2 -
LRB096 02879 HLH 12893 b




1
are paid by the tax purchaser and posted to the tax judgment,

2
sale, redemption, and forfeiture record, plus an additional sum 
3
equal to 5% of
all subsequent taxes, interest, and penalties.  
4
The additional 5% fees are not required after December 31, 
5
2006.
The changes to this subsection made by this amendatory 
6
Act of the 91st
General Assembly are not a new enactment, but 
7
declaratory of existing law.

8
    (b) The amount paid prior to issuance of the certificate of 
9
purchase
pursuant to subsection (a) or (a-5) shall be included 
10
in the purchase price of
the property in the
certificate of 
11
purchase and all amounts paid under this Section shall be

12
included in the amount
required to redeem under Section 21-355.

13
Except as otherwise provided in subsection (b) of Section 
14
21-300, all
money received under subsection (a) or (a-5) shall 
15
be paid by the Collector
to the
County Treasurer of the County 
16
in which the land is situated, for the purpose
of an indemnity 
17
fund. The County Treasurer, as trustee of that fund, shall

18
invest all of that fund, principal and income, in his or her 
19
hands from time to
time, if not immediately required for 
20
payments of indemnities under subsection
(a) of Section 21-305, 
21
in investments permitted by the Illinois State Board of

22
Investment under Article 22A of the Illinois Pension Code.  The 
23
county
collector shall report annually to the county clerk on 
24
the condition and
income of the fund. The indemnity fund shall 
25
be held to satisfy judgments
obtained against the County 
26
Treasurer, as trustee of the fund. No payment shall
be made 
 


 






HB0307
- 3 -
LRB096 02879 HLH 12893 b




1
from the fund, except upon a judgment of the court which 
2
ordered the
issuance of a tax deed.

3
(Source: P.A. 94-412, eff. 8-2-05.)

 

4
    Section 99. Effective date. This Act takes effect upon 
5
becoming law.