Summary as Introduced
Amends the Property Tax Code. Provides that tax deeds issued to the county as trustee shall be recorded by the county and shall not require a municipal transfer stamp or be subject to any municipal real estate transfer taxes, requirements, or certifications prior to recording.
Staff Analysis
House Bill 1440 proposes to amend the Property Tax Code concerning the recording of tax deeds issued to counties acting as trustees for all taxing districts with interests in those taxes or special assessments.
The bill provides that tax deeds issued to a county, when acting as trustee under Section 21-90 of the Property Tax Code to manage properties with delinquent taxes, must be recorded by the county, are exempt from municipal transfer stamps, and are not subject to any municipal real estate transfer taxes, requirements or municipal real estate transfer taxes.
The intent behind HB1440 is to streamline the process for counties to record tax deeds obtained through tax sales, reducing administrative burdens and potential delays associated with municipal transfer stipulations.
The legislation is supported by Cook County and the Cook County Land Bank Authority. The Illinois Municipal League, the DuPage Mayors and Managers Conference, and several municipalities in DuPage County oppose the bill.