Senate Bill 184 Summary

• Requires each bid for real property tax sale purchase to designate the interest rate per annum on the amount by which the purchase price exceeds the minimum bid that will apply upon redemption.

• Allows county treasurers to consider both the highest bid amount and the lowest designated interest rate when determining the successful bidder in tax sales.

• Changes the interest rate on the amount exceeding the minimum bid from a fixed 10% per annum to the rate designated by the successful bidder in their bid.

• Effective July 1, 2010.