Preston Pushes Reforms to Illinois Property Tax Sale and Redemption Process (Springfield, IL) – State Sen. Willie Preston is advocating for legislation aimed at overhauling Illinois’ property tax sale system, with a focus on expanding protections for homeowners and increasing transparency.
Preston, D-Chicago, is sponsoring Senate Bill 3494, which would extend the amount of time property owners have to reclaim their property after a tax sale and introduce a new, court-supervised process for property sales.
“For too many families, falling behind on property taxes can quickly spiral into losing everything,” Preston said. “This bill gives people more time to get back on their feet while making sure the system is more transparent and fair when properties do have to be sold.”
Under current law, property owners have 2½ years to redeem their property by paying delinquent taxes and interest. The proposal would extend that redemption period to five years, giving homeowners additional time to recover financially and retain ownership.
The measure also outlines a new judicial pathway for tax buyers to petition circuit courts to initiate property sales, similar to a mortgage foreclosure process. Sales would be conducted through an online auction, with the operator receiving 3% of the proceeds. Any remaining funds beyond what is owed would be returned to the original property owner, provided they take action within 120 days.
“If a property is sold, the original owner should have a real opportunity to recover what’s rightfully theirs,” Preston said. “By creating a structured, court-supervised process and returning surplus funds, we’re putting some guardrails in place that prioritize people — not just profits.”
A subject matter hearing on Senate Bill 3494 was held Thursday, and the legislation remains under consideration.
Preston Pushes Reforms to Illinois Property Tax Sale and Redemption Process
