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AL SB372
Bill
AI Summary
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Reduces interest rate from 12 percent to 8 percent for redemptions of land sold to the state for delinquent taxes occurring on or after January 1, 2020.
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Reduces interest rate from 12 percent to 8 percent for redemptions of land sold to parties other than the state for delinquent taxes occurring on or after January 1, 2020.
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Establishes detailed redemption procedures requiring purchasers to file notice of insurance and preservation costs within 72 hours and redemptioners to make written demands and responses within specified timeframes (14 calendar days).
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Allows parties to mediate or arbitrate disputes and permits appeals of probate court redemption orders to circuit court for trial de novo within 30 days.
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Applies to actions involving tax sales for delinquent taxes on or after January 1, 2020, while maintaining separate procedures for pre-2020 sales.
Legislative Description
Taxation, sale of land for unpaid tax delinquent after January 1, 2020, redemption, Secs. 40-10-75, 40-10-76, 40-10-77, 40-10-83, 40-10-121, 40-10-122 am'd.
Taxation
Last Action
Read for the first time and referred to the Senate committee on Governmental Affairs
5/2/2019