Illinois General Assembly - Illinois Compiled Statutes

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320 ILCS 30/7

(320 ILCS 30/7) (from Ch. 67 1/2, par. 457)

Sec. 7.

When any deferred taxes, including interest, are collected, the
moneys shall be credited to a special account in the treasury of the unit of
local government and the collector shall notify the treasurer of the unit of
local government of the properties for which the taxes were collected by
setting forth a description of the property and the amount of taxes and
interest collected for each property. The treasurer shall remit by the 10th day
of each month the amount of deferred taxes and accrued interest paid during the
preceding month, minus $50 or the total amount of deferred taxes and accrued
interest collected, whichever is less, to the Department.  The remittance shall
be accompanied by a statement giving a description for each property for which
the taxes were collected and setting out the amount of the taxes and interest
collected for each property.

If the tax deferred property is sold by foreclosure under the Property Tax
Code, the proceeds of the sale which may be applied
under that Act to the payment of real estate taxes and interest shall be
remitted by the county treasurer to the Department along with a description of
the property and the amount of taxes and interest collected thereon.

When any deferred taxes and accrued interest are received by the Department,
it shall enter the amounts received against the accounts which have been set up
for the tax deferred properties and shall within 5 days remit such moneys to
the State Treasurer for deposit in the Senior Citizens Real Estate Deferred Tax
Revolving Fund.

(Source: P.A. 88-670, eff. 12-2-94.)