Illinois HB3672 establishes an Equity Fund to compensate property owners who lose their property due to tax deed issuance.
Illinois HB3672 amends the Property Tax Code to create an Equity Fund. This fund collects fees from tax lien purchasers to compensate property owners who lose their property due to tax deed issuance. Owners can apply for compensation if they are barred from recovering their property. The compensation is limited to the fair cash value of the property at the time of the tax deed issuance, minus any mortgages or liens. The bill also sets forth a process for applying for compensation from the Equity Fund and outlines the fees associated with tax sales in different counties.
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