SB 47 Summary

• Requires the Land Commissioner to contract with a qualified auction company to conduct public auctions of state-owned tax-foreclosed lands that remain unredeemed after five years, effective January 1, 2020.

• Auction company compensation limited to a contingency fee not exceeding 15 percent of successful bid amounts, with all expenses borne by the company.

• Requires 30-day advance publication of auctions on the Department of Revenue website, including auction date, time, and property listings that may be updated as necessary.

• Auction proceeds distributed to State General Fund, county general fund, and municipality in equal shares if property includes all three millages; or split equally between State and county if municipal millage absent.

• Exempts properties located in municipalities with established local land bank authorities (formed by January 1, 2017) and Class 2 or Class 4 municipalities without local land bank authorities from the public auction requirement.