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AL SB343
Bill
Status
4/30/2019
Primary Sponsor
Thomas Whatley
Click for details
AI Summary
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Clarifies that owners not in possession of tax-sale real estate have a three-year time limit to bring recovery actions, while owners retaining possession have no time limit.
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Establishes no time limit for tax purchasers to bring actions for possession of real estate that has not been recovered by the owner.
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Authorizes tax purchasers to retain a tax lien on real estate for all taxes, insurance, improvements, attorneys' fees, costs, and interest until the lien is satisfied by the owner in a recovery action.
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Maintains the interest rate at 12 percent for owners redeeming property sold at tax sale, effective on or after January 1, 2020, by repealing Act 2018-494 which would have reduced the rate to eight percent.
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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 Sess., repealed; Secs. 40-10-82, 40-10-120 am'd.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 Senate committee on Fiscal Responsibility and Economic Development
4/30/2019