Illinois HB5543 establishes a fund for interest penalties on delinquent property taxes, to be distributed to the county of record and other proper.
Illinois HB5543 amends the Property Tax Code to create a fund for interest penalties on delinquent property taxes. The county collector must place all proceeds from these penalties into a separate fund within the county treasury. Within 30 days of receipt, the county must distribute these funds to the county of record and other proper authorities or persons, based on their share of the overall tax extension. The county collector may also notify recipients that the funds result from interest penalties charged by the county.
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