HB5075

Illinois HB5075 mandates tax deed grantees to pay surplus to previous property owners within 30 days of tax deed recording.

HB5075 amends the Property Tax Code to require tax deed grantees to pay surplus to previous property owners within 30 days of recording the tax deed. The surplus is calculated based on the property's sale amount or assessed value, minus redemption and encumbrance costs, and a $500 administrative fee. Failure to pay within 90 days can result in interest charges and additional costs. The bill also outlines procedures for calculating the surplus and handling court orders vacating tax deeds.