MI HB5947

Requires foreclosing governmental units to inform prospective bidders whether tax delinquent property is subject to or targeted for condemnation proceedings for blight elimination by the local tax collecting unit.

Establishes a right of first refusal for the state to purchase tax delinquent property at the greater of minimum bid or fair market value, followed by purchase opportunities for cities, villages, townships, and counties.

Requires at least 2 property sales between the third Tuesday in July and first Tuesday in November, with notice published at least 30 days before each sale in county newspapers or adjoining county newspapers if none exist locally.

Allows property that remains unsold after final sale to be transferred to the city, village, or township where located by December 30, with such municipalities able to object to specific parcels; property not transferred becomes state land bank fast track authority property if state is the foreclosing unit.

Directs sale proceeds into restricted accounts prioritizing: delinquent tax revolving fund reimbursement, sale costs, foreclosure costs, prior year costs, property maintenance costs, and (if non-state unit) defense of title actions and administration costs.