AL SB53

Reduces interest rate from 12% to 1% per annum on the amount of tax due at the time of sale for land redemptions from tax sales to parties other than the state.

Requires redemptioners to deposit with the probate judge the full amount for which the land was sold, but limits interest charges on excess bids that are 15% or less of market value to only the original tax amount.

Applies 1% interest rate to insurance premiums paid by purchasers for casualty loss coverage on insurable structures and residential structures.

Applies 1% interest rate to permanent improvements and preservation improvements made to the property since the tax sale.

Makes the act retroactively effective to October 1, 2008, but prohibits refunds of previously paid interest or excess bids resulting from the retroactive application.