SEA 249 Summary

• Reduces interest rates on tax sale redemptions from 10% to 5% per annum for sales occurring after June 30, 2014, while maintaining 10% rates for earlier sales.

• Modifies real property redemption requirements to include the minimum bid percentage (110% within 6 months, 115% between 6-12 months), excess purchase price with interest, taxes and assessments paid by purchaser, and certified costs.

• Establishes nonreverting funds in county auditor offices to collect tax adjustments from improperly granted homestead deductions and standard property tax deductions, capped at $100,000 annually in non-consolidated cities.

• Requires courts in partition actions to refer matters to mediation within 45 days and allows parties to sell property through real estate professionals instead of auction if all parties agree.

• Clarifies that mortgages, conveyances, and leases that fail to comply with technical recording requirements remain validly recorded and provide constructive notice; allows governmental entities to claim adverse possession without paying all back taxes if exempt during the possession period.