HB6 Alabama 2010 Session

Summary

Primary Sponsor

Joseph C. Mitchell

Democrat

Session

Regular Session 2010

Title

Property sold for nonpayment of taxes, rate of interest required for redemption same as the residential mortgage rate published by the Federal Home Loan Mortgage Corporation at a certain time, Secs. 40-10-121, 40-10-122 am'd.

Description

Under existing law, property that is sold for nonpayment of taxes may be redeemed by payment of the amount for which the land was sold, plus delinquent taxes and interest.

This bill would provide that the rate of interest assessed on property sold for nonpayment of taxes would be the same as the residential mortgage rate published by the Federal Home Loan Mortgage Corporation or its successor for the month preceding the filing of the application to redeem the property.

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Subjects

Property, Real and Personal