SB 1012 Modifies the interest provisions for redemption of property
LR Number:3680L.02T Fiscal Note:3680-02
Committee:Economic Development, Tourism & Local Government
Last Action:06/25/04 - Signed by Governor Journal page:
Title:HCS SB 1012
Effective Date:August 28, 2004
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Current Bill Summary

HCS/SB 1012 - Current law requires a person redeeming their property that has been sold at a tax foreclosure sale to pay interest of up to 10% on the entire purchase price of the property, even if the purchaser bid more than the delinquent taxes. This act limits the interest to only the amount of the bid price that represents the delinquent taxes.

The act clarifies that only current property taxes can be protested if the taxes are in dispute and allows a county collector to remove personal property taxes from the delinquent or back tax book after three years. This provision contains an emergency clause.