SB3940

SB3940 amends the Illinois Property Tax Code to allow property owners to recover surplus equity lost due to tax deed auctions, establish minimum.

SB3940 amends the Illinois Property Tax Code to provide property owners with the right to recover surplus equity lost due to tax deed auctions. It sets a limit of $99,000 for indemnity awards unless the owner proves no fault or negligence. The bill establishes minimum bids for tax deed auctions, which must equal delinquent taxes, penalties, and other costs. It mandates that counties with over 3,000,000 inhabitants publish notices of tax deed auctions in Spanish, Polish, and Mandarin Chinese.