HB397 Alabama 2012 Session

Sponsors

Session

Regular Session 2012

Title

Property sold for taxes, excess amount paid at redemption to be held in escrow in county treasury, Sec. 40-10-28 am'd.

Description

<p class="bill_description"> Under existing law, if property is sold for delinquent ad valorem taxes, the taxable purchaser may pay an excess amount which may be paid over to the delinquent taxpayer without redeeming the property under certain circumstances</p><p class="bill_description"> This bill would provide that the excess from the sale shall be paid to the county treasury until the excess is applied to the redemption of the property or the 3-year period for redemption period has lapsed</p><p class="bill_description"> This bill would provide that after the 3-year redemption period has lapsed the excess shall be paid to the owner or his or her agent at the time of the sale or to any person who, since the sale, has obtained title to the property from the owner</p><p class="bill_description"> This bill would require the excess be called for within 10 years of the sale or the excess shall be placed in the county general fund</p><p class="bill_entitled_an_act"> To amend Section 40-10-28, Code of Alabama 1975, relating to redemption of property sold for taxes; to provide that the excess from sale of property shall be held in escrow in the county treasury until the excess is applied to the redemption of the property or the 3-year period for redemption has lapsed; to provide that after the 3-year redemption period has lapsed and within 10 years of the tax sale, the commission shall order payment of excess to the property owner. </p>

Subjects

Property, Real and Personal