AL HB388

Reduces interest rate from 12 percent to 1 percent per annum on the amount of tax due on the date of sale for land redemptions from tax sales.

Requires persons redeeming land to deposit with the judge of probate the full amount for which the land was sold, with interest payable only on the original tax amount due.

Changes interest calculation for excess bids that are less than or equal to 15 percent of market value to apply only to the tax amount rather than the entire excess bid amount.

Maintains 1 percent interest rate on insurance premiums, permanent improvements, and preservation improvements made by the purchaser.

Applies retroactively to October 1, 2008, but prohibits refunds of interest or excess bid amounts paid prior to the effective date.