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IN HB1074
Bill
Status
1/3/2019
Primary Sponsor
Karen Engleman
Click for details
AI Summary
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Increases the interest rate on tax sale redemption amounts from 5% per annum to the statutory judgment rate (currently 8% per annum) for two components: the amount by which the purchase price exceeds the minimum bid, and taxes/special assessments paid by the purchaser after the sale
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Applies to tax sales occurring after June 30, 2019, with the applicable interest rate determined by the judgment rate in effect on January 1 of the year the property is sold
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Amends IC 6-1.1-24-2 (tax sale notice requirements) and IC 6-1.1-25-2 (redemption amount calculations) to reflect the new interest rate provisions
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Effective date: July 1, 2019
Legislative Description
Tax sale redemptions. Provides that if real property sold at a tax sale is redeemed, the interest rate on the following components of the redemption amount is increased from 5% per annum to the statutory rate per annum for judgments on money (8% per annum under current law): (1) The amount by which the sales price exceeds the minimum bid. (2) The amount of the taxes and special assessments paid by the purchaser.
Last Action
First reading: referred to Committee on Ways and Means
1/3/2019