MI SB0042

State gains right of first refusal to purchase tax-foreclosed property at the greater of minimum bid or fair market value within first Tuesday in July following judgment entry.

Cities, villages, and townships may purchase unsold property for public purposes at minimum bid; counties may purchase if local units decline; property may then transfer to land bank fast track authorities.

Foreclosing governmental unit must hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with sales potentially conducted online; all property must be offered at minimum 2 sales with final sale at least 28 days after previous sale.

Sale proceeds deposited into restricted account used prioritarily for: delinquent tax revolving fund reimbursement, sale costs, foreclosure costs, prior year unpaid costs, property maintenance costs, and remaining balance transferred to land reutilization fund if state is foreclosing unit.

Unsold property transferred to local units by December 30 (except objected parcels); if retained by state foreclosing unit, vests in land bank fast track authority; all taxes and certain liens canceled as of following December 31.