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AL HB550
Bill
Status
5/2/2019
Primary Sponsor
Debbie Wood
Click for details
AI Summary
HB550 Summary
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Clarifies that owners not in possession of real estate have three years from the tax sale date to bring an action for recovery, while owners retaining possession have no time limit.
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Provides tax purchasers with no time limit to bring an action for possession of real estate that was not recovered by the owner.
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Authorizes tax purchasers to retain a tax lien on the real estate for all taxes, insurance, improvements, attorneys' fees, costs, and interest until satisfied by payment in a recovery action.
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Repeals Act 2018-494, maintaining the interest rate at 12 percent for owners redeeming property sold at tax sales, preventing the reduction to 8 percent scheduled for January 1, 2020.
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Becomes effective on the first day of the third month following passage and approval by the Governor.
Legislative Description
Real estate sold for payment of taxes, recovery actions by owner and actions for possession by tax purchaser, further provided for, tax lien by tax purchaser, authorized, Act 2018-494, 2018 Reg. Sess., repealed; Secs. 40-10-82, 40-10-120 am'd.
Taxation
Last Action
Read for the first time and referred to the House of Representatives committee on Financial Services
5/2/2019