Illinois SB2029 amends the Property Tax Code to modify procedures for judicial tax deed auctions and the distribution of surplus funds.
Illinois SB2029 amends the Property Tax Code to change how judicial tax deed auctions are conducted and how surplus funds are distributed. It specifies that the tax deed judgment amount accrues interest at 0.75% per month until the auction. The county, as trustee, has a right of first refusal or final bid at the auction. If the winning bid exceeds the tax deed judgment amount, the surplus funds are deposited with the county treasurer within 30 days.
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