Illinois HB3130 amends the Property Tax Code to require tax deed grantees to pay a surplus to the previous owner of residential property.
Illinois HB3130 amends the Property Tax Code by adding a new section that requires tax deed grantees to pay a surplus to the previous owner of residential property. The surplus is calculated based on the amount received from the sale, minus the amount needed to redeem the property, the amount needed to pay encumbrances, and an administrative fee of $500. If the property has not been sold, the surplus is calculated based on the fair market value of the property. The tax deed grantee must pay the surplus within 30 days of recording the tax deed.
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