SB218 Summary

• Amends Section 40-10-122 of the Code of Alabama 1975 to modify the redemption process for land sold at tax sales to parties other than the state.

• Eliminates the requirement that redemptioners pay 12 percent per annum interest on excess bids that are less than or equal to 15 percent of the property's market value as established by the county board of equalization.

• Maintains the requirement that redemptioners pay 12 percent per annum interest on the original sale price and on taxes paid by the purchaser.

• Preserves all other redemption requirements including payment of insurance premiums, permanent or preservation improvements, and probate judge fees.

• Becomes effective October 1, 2015.