SB332 Summary

• 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.

• Limits interest on excess bids to only those less than or equal to 15 percent of the county board of equalization's established market value, with interest at 1 percent per annum.

• Reduces interest rate to 1 percent per annum on insurance premiums, permanent improvements, and preservation improvements (previously 12 percent).

• Requires redemption deposits be made with the judge of probate and allows redemption applications and payments to be executed online via the Internet.

• Becomes effective retroactively to October 1, 2008, but prohibits refunds of previously paid interest or excess bids.