The bill amends the "Tax Reverted Clean Title Act" by updating Section 5 to clarify the specifics of the eligible tax reverted property specific tax. It establishes that this tax is levied on every owner of eligible tax reverted property and outlines the calculation of the tax based on what would have been collected under the general property tax act if the property were not exempt. The bill also specifies that the tax must be assessed, collected, and disbursed in accordance with the act, and it details the distribution of the tax revenue, with 50% going to the state and local taxing units and the other 50% to the authority that sold or conveyed the property.

Additionally, the bill introduces exemptions for eligible tax reverted properties located in renaissance zones or HOPE zones, stating that these properties are exempt from the specific tax to the extent provided under the respective acts. It also clarifies the lien status of the eligible tax reverted property specific tax, indicating that it becomes a lien on the property assessed on the same date as other property taxes. The bill includes provisions for the return of unpaid taxes as delinquent and outlines the process for forfeiture and foreclosure of properties with unpaid taxes.

Statutes affected:
House Introduced Bill: 211.1025