HB4637

HB4637 amends the Property Tax Code to address omitted property in Illinois counties with fewer than 3,000,000 inhabitants.

HB4637 amends the Property Tax Code to provide that property granted an erroneous homestead exemption in the current assessment year or any of the three prior years may be considered omitted property. It mandates that the chief county assessment officer may consider such property as omitted. The bill outlines procedures for assessing taxes and interest on omitted property and specifies that these charges are not applicable to bona fide purchasers without notice of the erroneous exemption. The act takes effect immediately upon becoming law.