LA SB55

Amends Louisiana's ad valorem tax lien auction system, replacing the sale of "delinquent obligations" with the sale of "tax liens" and clarifying that tax lien certificates represent the right to receive payment of delinquent taxes plus interest, penalties, and costs

Establishes that delinquent statutory impositions on immovable property unpaid for 90 days must be offered at tax lien auction, with interest accruing at 1% per month on a noncompounding basis until a tax lien certificate is issued or taxes are paid

Sets competitive bidding rules for tax lien auctions where bidders compete by offering reduced monthly interest rates (minimum 0.7%, maximum 1%) on the face value of the tax lien certificate

Requires tax lien certificate holders to wait at least 3 years from recordation and provide 6 months' notice before filing suit to enforce the lien, with a 7-year peremptive period for bringing enforcement actions

Allows political subdivisions to sell property to enforce tax liens they hold, with minimum bids of two-thirds of assessed market value, and permits judicial sale of property following court judgment recognizing the tax lien