SB53 Alabama 2015 Session

Summary

Primary Sponsor

Trip Pittman

Republican

Session

Regular Session 2015

Title

Redemption of land sold for taxes, interest rate reduced only on tax amount due on date of sale, Sec. 40-10-122 am'd.

Description

Under existing law, a person redeeming land sold at a tax sale to one other than the state is required to pay interest on the tax due and on the excess bid at the tax sale.

This bill would require the person desiring to redeem the land to deposit with the judge of probate the amount for which the land was sold, with interest payable only on the amount of tax due on the date of the sale.

This bill would reduce the interest payable on land sold for unpaid tax, insurance premiums, permanent improvements, and the value of all preservation improvements.

This bill would provide for retroactive effect.

Show more Show less

Subjects

Property, Real and Personal