SB264 Summary

• Amends Alabama Code Section 40-10-134 to require the Land Commissioner to contract with a nationally recognized auction company to sell state tax lien interests on lands sold for nonpayment of taxes, beginning December 31, 2018, and at least every fifth year thereafter.

• Requires the Land Commissioner to publish notice of auctions on the Department of Revenue website for at least 30 days before the auction, including the date, time, and list of properties to be auctioned.

• Mandates that auction company advertisements include a disclaimer that purchasers will not receive clear title and are bidding only on tax lien interests where additional liens may exist.

• Directs the Department of Revenue to distribute auction proceeds by dividing funds equally among state, county, and municipality (or state and county only if no municipal millage applies).

• Exempts property located in municipalities that have formed local land bank authorities and Class 2 or Class 4 municipalities without local land bank authorities from the mandatory public auction process.