SB3494

SB3494 amends the Property Tax Code to extend the redemption period for tax sales in Illinois.

SB3494 amends the Property Tax Code to extend the redemption period for tax sales in Illinois. For tax sales occurring on or after the effective date of the amendatory Act, the redemption period is extended from 2.5 years to 5 years. The bill also includes provisions for the distribution of surplus funds from tax sales, allowing private parties to receive up to 3% of the selling price if the property sells for more than the amount of the taxes, penalties, interest, and costs charged against the property. The bill takes effect immediately upon becoming law.