A number of new real estate-related laws took effect January 1, 2010. We’ve highlighted the two we believe are most significant.
CONTRACTOR MUST GIVE 10-DAY LIEN NOTICE – Public Act 96-654 (HB 236) changes the existing Mechanics Lien Act to require that a contractor for improvements of an owner-occupied single- family residence give the owner written notice within 10 days after recording a lien against any property of the owner. The notice is deemed served when it is sent or personally delivered. If timely notice is NOT given and, as a result, the owner suffers damages before notice is given, the lien is extinguished to the extent of the damages. The legislation stipulates that the mere recording of the lien claim is not considered damages. This new provision will NOT apply to subcontractors and applies only to contracts entered into after January 1, 2010.
PROPERTY TAX APPEAL ASSISTANCE – Public Act 96-122 (SB 207) enacts the Homestead Assessment Transparency Act to assist homeowners who seek to appeal property tax assessments. Counties will be required after January 1st to make available to the public a detailed description of the rules and procedures for hearings before the board of review. This must include an explanation of any applicable burdens of proof, rules of evidence, timelines, and any other procedures that will allow a property taxpayer to present his/her case before the board. Such information must also be made available on the county website (if such a website exists). Additionally, the new law requires the chief county assessment officer to provide a plain-English explanation of all township, county and state equalization factors – including the rationale and methods used to determine equalizations. The existing law related to the notice that must be mailed to taxpayers was greatly expanded to specify additional information that must be included for the benefit of the taxpayer.
Source — Illinois Realtor Magazine
