MI SB1017

State gains right of first refusal to purchase tax-foreclosed property at greater of minimum bid or fair market value within first Tuesday in July following judgment vesting title to foreclosing governmental unit

Cities, villages, and townships may purchase foreclosed property for public purposes at minimum bid; if not purchased, counties may purchase at minimum bid; if not purchased, redevelopment authorities and land bank fast track authorities may purchase

Foreclosing governmental unit must hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with sales conducted by auction including possible internet sales; notice must be published 30 days prior

Property not sold by first Tuesday in November is transferred to city, village, or township where located by December 30, unless municipality objects; unsold property may be transferred to redevelopment authorities or land bank fast track authorities upon written request

Sale proceeds deposited into restricted account used in priority order to reimburse delinquent tax revolving fund, pay sale costs, pay foreclosure costs, maintain property, and for municipalities receiving property, transferred excess proceeds to land reutilization fund or transferred to general fund