SB257 Summary

• Reduces the interest rate on tax sale redemptions from 12 percent to 8 percent per annum for taxes delinquent on or after January 1, 2020.

• Applies the 8 percent interest rate to amounts awarded in actions related to tax sales, including purchase money, taxes paid, costs, and improvements made to the property.

• Maintains the 12 percent interest rate for actions involving taxes delinquent before January 1, 2020, preserving existing law for prior tax sales.

• Allows parties redeeming property sold to the state to deposit redemption amounts with the probate judge at the lower 8 percent interest rate on the original sale price and subsequent taxes due.

• Becomes effective January 1, 2020, applying only to actions and redemptions related to taxes delinquent on or after that date.