SB53 Alabama 2015 Session
In Committee
Bill Summary
Sponsors
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
<p class="bill_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</p><p class="bill_description">
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</p><p class="bill_description">
This bill would reduce the interest payable
on land sold for unpaid tax, insurance premiums,
permanent improvements, and the value of all
preservation improvements</p><p class="bill_description">
This bill would provide for retroactive
effect</p><p class="bill_entitled_an_act"> To amend Section 40-10-122, Code of Alabama 1975, to
provide further for the redemption process for land sold for
taxes to a party other than the state; reduce the interest
payable on land sold for unpaid tax, insurance premiums,
permanent improvements, and the value of all preservation
improvements; and to provide for retroactive effect.
</p>
Subjects
Property, Real and Personal
Bill Actions
| Action Date | Chamber | Action |
|---|---|---|
| March 3, 2015 | S | Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development |
Bill Text
Bill Documents
| Type | Link |
|---|---|
| Bill Text | SB53 Alabama 2015 Session - Introduced |