Sen. Celina Villanueva, D-Chicago, speaks on the floor on Thursday, May 28. Villanueva led negotiations on this bill for several years. (Capitol News Illinois photo by Jenna Schweikert.)
Article Summary
- State lawmakers passed a bill late Saturday that would change regulations on property tax debt sales.
- Key changes include a six-year pilot program where Cook County could buy tax debts, and allow homeowners the right to keep their equity, if there is a surplus after auction.
- The bill, if signed by the governor, would put Illinois in compliance with a 2023 Supreme Court decision, the last state to do so.
This summary was written by the reporters and editors who worked on this story.
Illinois could soon reform the state’s regulations on delinquent property tax sales after the House approved a bill 80-35 along party lines Saturday evening that lets homeowners keep their equity.
House Bill 4537 makes various changes to the regulations for selling property tax debt. The key change is if a homeowner fails to pay their debt in an initial redemption period, and their property is seized and sold, they will receive any surplus funds left over from the auction…