MI HB5960

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

Foreclosing governmental units must hold at least 2 property sales between third Tuesday in July and first Tuesday in November, with notice published at least 30 days prior in county newspapers.

Property payment must be made within 21 days of sale; purchasers must provide proof of payment of any property taxes owed and execute affidavits confirming they do not hold more than de minimus interest in other delinquent properties in the county and have no unpaid civil fines.

Unsold property after final sale transfers to local cities, villages, or townships by December 30, or to state land bank fast track authority if retained by state; all property taxes and certain liens for demolition and repairs are canceled as of December 31 following transfer.

Sale proceeds deposited into restricted account used to reimburse delinquent tax revolving fund, pay sale and foreclosure costs, property maintenance costs, and environmental remediation in order of priority.