HB2098 Summary

• Establishes a new process allowing property owners to request courts order the sale of their property for excess proceeds when tax liens are foreclosed, if the sale price is likely to exceed costs by more than $2,500.

• Requires certificate of purchase holders to provide notice of intent to foreclose at least 30 days before filing foreclosure actions, including a statement about the right to request an excess proceeds sale.

• Creates procedures for public auction sales of properties under foreclosure, including notice requirements, bidding rules, minimum opening bids set by the court, and a 60-day timeframe for conducting sales.

• Directs distribution of excess proceeds sale revenue to the certificate of purchase holder first, then to other tax and state liens, with any remaining proceeds going to the property owner whose redemption rights were foreclosed.

• Amends existing tax lien foreclosure statutes to reference the new excess proceeds sale process and clarify that tax lien sale judgments are not subject to the 10-year execution limitation on other judgments.