§ 320 ILCS 30/1 This Act shall be known and may be cited as the “Senior Citizens Real …
§ 320 ILCS 30/2 Definitions
§ 320 ILCS 30/3 A taxpayer may, on or before March 1 of each year, apply to the …
§ 320 ILCS 30/4 In the case of each tax deferral and recovery agreement entered into …
§ 320 ILCS 30/5 The county collector shall note on his books each claim for deferral …
§ 320 ILCS 30/6 All or any part of taxes deferred under this Act and the accrued …
§ 320 ILCS 30/7 When any deferred taxes, including interest, are collected, the …
§ 320 ILCS 30/8 Nothing in this Act (a) affects any provision of any mortgage or …

Terms Used In Illinois Compiled Statutes > 320 ILCS 30 - Senior Citizens Real Estate Tax Deferral Act

  • Appraisal: A determination of property value.
  • Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. Source: OCC
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • Fee simple: Absolute title to property with no limitations or restrictions regarding the person who may inherit it.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Injunction: An order of the court prohibiting (or compelling) the performance of a specific act to prevent irreparable damage or injury.
  • Legatee: A beneficiary of a decedent
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • Person under legal disability: means a person 18 years or older who (a) because of mental deterioration or physical incapacity is not fully able to manage his or her person or estate, or (b) is a person with mental illness or is a person with developmental disabilities and who because of his or her mental illness or developmental disability is not fully able to manage his or her person or estate, or (c) because of gambling, idleness, debauchery or excessive use of intoxicants or drugs, so spends or wastes his or her estate as to expose himself or herself or his or her family to want or suffering. See Illinois Compiled Statutes 5 ILCS 70/1.06
  • Surviving spouse: means "widow" or "widower" as the case may be. See Illinois Compiled Statutes 5 ILCS 70/1.32