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AL SB114
Bill
Status
1/9/2018
Primary Sponsor
Hank Sanders
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AI Summary
SB114 Summary
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Amends Section 40-10-121 of the Alabama Code to change how interest is calculated when redeeming property sold to the state for unpaid taxes.
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Changes interest calculation from 12 percent on all taxes found due since the sale date to 12 percent interest only on the actual taxes due at the time of default.
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Applies the new interest calculation method to redemptions involving installment liens and municipal taxes owed on redeemed property.
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Becomes effective October 1, 2016, for actions related to taxes delinquent on or after January 1, 2017.
Legislative Description
Taxation, sale of land for unpaid tax interest on tax, abolished, Sec. 40-10-121 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Fiscal Responsibility and Economic Development
1/9/2018