SB2230 EngrossedLRB098 09784 HLH 39935 b

1    AN ACT concerning revenue.
2    Be it enacted by the People of the State of Illinois,
3represented in the General Assembly:
4    Section 5. The Property Tax Code is amended by changing
5Sections 1-23, 16-65, 16-183, 17-10, and 31-25 as follows:
6    (35 ILCS 200/1-23)
7    Sec. 1-23. Compulsory sale. "Compulsory sale" means (i) the
8sale of real estate for less than the amount owed to the
9mortgage lender or mortgagor, if the lender or mortgagor has
10agreed to the sale, commonly referred to as a "short sale" and
11(ii) the first sale of real estate owned by a financial
12institution as a result of a judgment of foreclosure, transfer
13pursuant to a deed in lieu of foreclosure, or consent judgment,
14occurring after the foreclosure proceeding is complete.
15Compulsory sales are not limited by deed type.
16(Source: P.A. 96-1083, eff. 7-16-10.)