HB256 Summary

• Reduces the property redemption period from one year to 90 days for residential property on which a homestead exemption was claimed in the tax year during which the sale or foreclosure occurred.

• Maintains the one-year redemption period for all other property types not qualifying for the homestead exemption reduction.

• Applies the shortened redemption timeline to property sold for nonpayment of taxes, property foreclosed under a mortgage, and property sold by virtue of a judgment.

• Exempts from the new 90-day period any sales made under mortgages or judgments dated prior to the act's effective date, providing prospective application only.

• Becomes effective immediately upon passage and approval by the Governor.