HB 5888 Summary

• Amends Section 78g of the General Property Tax Act to modify interest rates on forfeited property when withheld from foreclosure under Section 78h.

• Reduces additional interest rate from 1/2% per month to 1/12 of the adjusted prime rate per month for properties withheld from foreclosure petitions, with "adjusted prime rate" defined as the average predominant prime rate quoted by not fewer than 3 commercial banks.

• Maintains existing provisions for property forfeiture on March 1 for delinquent taxes and the $175 forfeiture fee per parcel.

• Allows property redemption prior to title vesting in the county treasurer upon payment of delinquent taxes, interest, penalties, fees, and recording costs.

• Requires foreclosing governmental units to notify the Department of Environmental Quality if they have reason to believe forfeited property may be environmentally contaminated.