92nd General Assembly
Summary of HB4082
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House Sponsors:

Senate Sponsors:

Short description: 
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.      
   Effective immediately.                                                      
          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

           Location: House

 Amendments to Bill: AMENDMENTS ADOPTED: HOUSE -   0     SENATE -   1


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