SB286 Alabama 2016 Session

Under existing law, the interest to be paid through any litigation related to properties that are the subject of a tax sale is currently 12 percent. Additionally, redemption of properties sold at a tax sale, including the amount in excess of taxes due that is paid by the tax sale purchaser at the time of the tax sale purchase, is 12 percent

This bill would reduce the interest to be paid through any litigation related to properties that are the subject of a tax sale or the redemption of properties sold at a tax sale, including the amount paid in excess of taxes due that is paid by the tax sale purchaser, to seven and one-half percent

To amend Sections 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, and 40-10-122, Code of Alabama 1975, to reduce interest due or paid on properties subject to tax sale to seven and one-half percent.