35 ILCS 200/9-265
2021 Illinois Compiled Statutes|Chapter 35 - REVENUE|35 ILCS 200/ - Property Tax Code.|Title 3 - Valuation and Assessment

Sec. 9-265. Omitted property; interest; change in exempt use or ownership.(a)  If any property is omitted in the assessment of any year or years, not to exceed the current assessment year and 3 prior years, so that the  taxes, for which the property was liable, have not been paid, or if by reason  of defective description or assessment, taxes on any property for any year or  years have not been paid, or if any taxes are refunded under subsection (b) of  Section 14-5 because the taxes were assessed in the wrong person's name, the  property, when discovered, shall be listed and assessed by the board of review  or, in counties with 3,000,000 or more inhabitants, by the county assessor  either on his  or her own initiative or when so directed by the board of appeals or board of  review.(b) The  board of review in counties with less than 3,000,000 inhabitants or the  county assessor in counties with 3,000,000 or more inhabitants may  develop reasonable procedures for contesting the listing of omitted  property under this Division.(c) For purposes  of this Section, "defective description or assessment" includes a description  or assessment which omits all the improvements thereon as a result of which  part of the taxes on the total value of the property as improved remain unpaid.  In the case of property subject to assessment by the Department, the property  shall be listed and assessed by the Department. All such property shall be  placed on the assessment and tax books.(d) The arrearages of taxes which might  have been assessed, with 10% interest thereon for each year or portion thereof  from 2 years after the time the first correct tax bill ought to have been  received, shall be charged against the property by the county clerk.(e) When property or acreage omitted by either incorrect survey or other  ministerial assessor error is discovered and the owner has paid its tax  bills as received for the year or years of omission of the parcel, then the  interest authorized by this Section shall not be chargeable to the owner.  However, nothing in this Section shall prevent the collection of the principal  amount of back taxes due and owing.(f) If any property listed as exempt by the chief county assessment officer  has a change in use, a change in leasehold estate, or a change in titleholder  of record by purchase, grant, taking or transfer, it shall be the obligation  of the transferee to notify the chief county assessment officer in writing  within 90 days of the change. If mailed, the notice shall be sent by certified mail,  return receipt requested, and shall include the name and address of the  taxpayer, the legal description of the property, and the property index number  of the property when an index number exists. If notice is provided in person, it shall be provided on a form prescribed  by the chief county assessment officer, and the chief county assessment  officer shall provide a date stamped copy of the notice. Except as  provided in item (6) of subsection (a) of Section 9-260, item (6) of  Section 16-135, and item (6) of Section 16-140 of this Code, if the failure to give the  notification results in the assessing official continuing to list the property  as exempt in subsequent years, the property shall be considered omitted  property for purposes of this Code.(g)   In counties with fewer than 3,000,000 inhabitants, if a  chief county assessment officer discovers at any time before  judgment that a property has been granted a homestead exemption  under Article 15 of this Code to which it was not entitled,  the chief county assessment officer may consider the erroneously  exempt portion of the property as omitted property under this  Section for that taxable year only. (Source: P.A. 98-615, eff. 6-1-14.)