ROCKFORD – In an effort to help land banks across the state obtain property tax exemptions on problem properties State Senator Steve Stadelman (D-Rockford) passed a law that will now help the Cook County Land Bank and others obtain exemptions for properties owned.

“This measure helps to expedite the process of exempting property tax for land banks across the state,” Stadelman said. “An exemption can take a long time to process, and sometimes an authority can sell the property by the time it becomes exempt. This measure speeds up that process.”

House Bill 5532 creates an expedited process for property held by the Cook County Land Bank, the South Suburban Land Bank and Development Authority, and the Northern Illinois Land Bank Authority to obtain a property tax exemption by permitting these entities to bypass the normal application process.

The law exempts counties and taxing districts from acquiring tax certificates of a property at a delinquent tax or scavenger sale. It also extends the timeframe for mailing a notice of expiration for periods of redemption for all property to a maximum of six months, with a one month minimum.

“We are allowing land banks to move quicker and make decisions at a better pace,” Stadelman said. “This law will let land banks stop paying a tax on property they plan to sell and bypass the long process of obtaining exemption.”

House Bill 5532 was signed by the governor on Friday and is effective immediately.

###