Illinois HB3421 establishes an Equity Fund to compensate property owners who lose their property due to tax deeds.
HB3421 amends the Illinois Property Tax Code to create an Equity Fund, financed by fees from tax sales. The fund compensates property owners who lose their property due to tax deeds. Owners can apply for payments from the fund if they lost their property due to a tax deed and were barred from recovering it. The bill sets a maximum compensation of $99,000, reduced by any mortgages or liens on the property. It also outlines procedures for applying for fund payments and managing the fund.
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