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PROPOSED RESOLUTION
COOK COUNTY PILOT PROGRAM FOR ACQUISITION OF TAX CERTIFICATES
WHEREAS, the Illinois General Assembly enacted Public Act 104-0553, establishing a pilot program that authorizes Cook County to directly acquire tax certificates for tax-delinquent properties; and
WHEREAS, the implementation of this pilot program will promote government transparency, protect vulnerable homeowners and help stabilize the property tax system within Cook County; and
WHEREAS, the pilot program allows Cook County, as Trustee under 35 ILCS 200/21-90, to acquire up to 100 tax certificates for properties offered at each of the first six annual tax sales to occur after the effective date of Public Act 104-0553 so long as, during the tax year for which judgment and order of sale was rendered, the properties received a general homestead exemption and were among the 100 lowest total tax amounts billed prior to adjustment by homestead exemptions; and
WHEREAS, pursuant to 35 ILCS 200/21-385(d), the Cook County Clerk is authorized to administer payment plans and waive interest for owners of tax delinquent properties in their respective redemption periods; and
WHEREAS, pursuant to 35 ILCS 200/21-191, Cook County must transmit to the Cook County Clerk and Cook County Treasurer a list of properties proposed for acquisition under the pilot program; and
WHEREAS, counties participating in the pilot program must submit an annual report to the Illinois General Assembly and the Illinois Department of Revenue no later than the third Wednesday of February of each year.
NOW, THEREFORE BE IT RESOLVED, that the Cook County President and the Cook County Board of Commissioners hereby formally adopts and authorizes the implementation of the Tax-Delinquent Property Pilot Program as established and authorized by Illinois Public Act 104-0553; and
BE IT FURTHER RESOLVED, that the Cook County Bureau of Economic Development shall be the primary entity responsible for developing the necessary procedures and overseeing the implementation of the pilot program, with the County Clerk and Cook County Land Bank Authority performing their respective statutory roles in the tax redemption process; and
BE IT FURTHER RESOLVED, that Cook County, through its Bureau of Economic Development, shall acquire 100 tax certificates offered at each of the next 6 tax sales for properties which received a general homestead exemption and were among the 100 lowest total tax amounts billed prior to adjustment by homestead exemptions; and
BE IT FURTHER RESOLVED, that the Cook County Clerk shall ensure that each tax certificate on a property participating in the pilot program is provided the opportunity to participate in a payment plan under 35 ILCS 200/21-385(d); and
BE IT FURTHER RESOLVED, that the Cook County Bureau of Economic Development, pursuant to 35 ILCS 200/21-192, shall submit the required annual report to the Illinois General Assembly and the Illinois Department of Revenue no later than the third Wednesday of February for each calendar year following the acquisition of tax certificates through the pilot program; and
BE IT FURTHER RESOLVED, that a copy of the report shall also be provided to the Cook County Board of Commissioners to receive and file.
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