MI SB0640

State granted right of first refusal to purchase tax-delinquent foreclosed property at greater of minimum bid or fair market value, with purchase payments made to the foreclosing governmental unit.

Cities, villages, and townships may purchase foreclosed property for public purposes at minimum bid price if state declines; counties may purchase unsold property at minimum bid if local units decline.

Foreclosing governmental units must hold 1 or more property sales between third Tuesday in July and first Tuesday in November following judgment, with sales conducted via auction, internet website, or joint sales with other counties.

Property not sold at auction may be transferred to cities, villages, or townships by December 30, with those units able to object to specific parcels; unsold, non-objected property vests in state land bank fast track authority.

Sales proceeds deposited into restricted "delinquent tax property sales proceeds" accounts used to reimburse delinquent tax revolving funds, pay sale costs, foreclosure expenses, property maintenance, and environmental remediation in priority order.