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AL HB468
Bill
Status
3/1/2018
Primary Sponsor
Becky Nordgren
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AI Summary
HB468 Summary
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Reduces interest rate from 12 percent to 8 percent for actions related to taxes delinquent on or after January 1, 2018 in Sections 40-10-75, 40-10-76, 40-10-77, and 40-10-83.
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Limits interest calculations to only the actual taxes due at the time of default, rather than all subsequent taxes found due on the property since the date of sale.
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Modifies property redemption requirements in Sections 40-10-121 and 40-10-122 to apply the 8 percent interest rate only to taxes owed at time of default, not to all taxes assessed after the sale.
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Increases probate judge redemption fees from $0.50 to $3.00 per transaction.
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Becomes effective October 1, 2019, for actions related to taxes delinquent on or after January 1, 2018.
Legislative Description
Taxation, sale of land for unpaid tax, redeem property by paying interest only on tax, Secs. 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, 40-10-122 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Fiscal Responsibility
3/1/2018