HB59 Alabama 2010 Session

Under existing law, when a person redeems land after it is sold for delinquent taxes, the purchaser has to pay interest on the taxes paid at the rate of 12 percent and interest on the excess amount paid by the buyer for the land at 12 percent from the date of sale to date of assignment of the certificate of purchase, up to 15 percent of the market value of the property

This bill would eliminate lands sold to a party other than the state for non-payment of taxes from the provision requiring, as part of the redemption of the lands, payment of the portion of any excess bid that is less than or equal to 15 percent of the market value as established by the county board of equalization, insurance premiums, and permanent improvements made to property located within certain urban renewal or urban redevelopment project areas

To amend Section 40-10-122, Code of Alabama 1975, as amended by Act 2009-508 of the 2009 Regular Session (Acts 2009, p. ___), relating to redemption of lands sold to a party other than the state for non-payment of taxes; to eliminate the provision requiring, as part of the redemption payment of the portion of any excess bid that is less than or equal to 15 percent of the market value as established by the county board of equalization, insurance premiums and permanent improvements made to property located within certain urban renewal or urban redevelopment project areas.