Senate Bill 882 Summary

• Grants the state right of first refusal to purchase tax-delinquent foreclosed property at the greater of minimum bid or fair market value within the first Tuesday in July following judgment.

• Establishes purchase hierarchy if state declines: cities/villages/townships may purchase for public purposes, followed by counties, then land bank fast track authorities at minimum bid price.

• Requires foreclosing governmental units to hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with final sale having no minimum bid requirement but allowing reasonable opening bids.

• Transfers unsold property to cities, villages, or townships by December 30, with those entities able to object to specific parcels; property retained by state transfers to state land bank fast track authority.

• Requires all property taxes on transferred/retained property be canceled effective December 31 following transfer, and permits liens for demolition, safety repairs, and utility charges to be canceled under the same provision.