MI HB5083

State granted right of first refusal to purchase tax-delinquent foreclosed property at the greater of minimum bid or fair market value before public sale

Cities, villages, townships, and counties may purchase unsold foreclosed property for public purposes by paying minimum bid, with proceeds from resale returned to delinquent tax sales account after costs

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 auctions

Unsold property after final sale transfers to city, village, or township by December 30, unless objected to, or to land bank fast track authorities if requested and property is eligible; state retains property not transferred

Defines "minimum bid" as delinquent taxes, interest, penalties, fees, and sale administration costs; establishes priority order for use of sale proceeds including tax revolving fund reimbursement and foreclosure costs