MI HB5398

Grants Michigan state right of first refusal to purchase tax-foreclosed property at the greater of minimum bid or fair market value, with purchase option expiring first Tuesday in July following judgment entry.

Requires foreclosing governmental units to hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with properties sold to highest bidder above minimum bid.

Establishes minimum bid requirements including all delinquent taxes, interest, penalties, fees, and estimated sale administration costs, with exemptions for city/village/township taxes if those entities purchase.

Allows cities, villages, townships, and counties to purchase unsold property at minimum bid between sales; unsold property transfers to local units by December 30 unless objected to, with remaining property reverting to state land bank fast track authority.

Requires all property deeds transferred under this section to include a reverter clause providing property reverts to foreclosing governmental unit if taxes become delinquent within 3 years of transfer.