HB 1174 Summary

• Reduces redemption interest rate from 10% to 6% if property is redeemed within six months of tax sale.

• Reduces redemption interest rate from 15% to 10% if property is redeemed more than six months after tax sale.

• Lowers interest rate from 10% to 6% per annum on amounts paid over the minimum bid at tax sale.

• Lowers interest rate from 10% to 6% per annum on taxes and special assessments paid by the purchaser after the tax sale date.

• Effective July 1, 2012.