MI HB5375

Amends the General Property Tax Act to restrict transfers of tax-foreclosed property to land bank authorities before public auction sales are held.

Prohibits cities, villages, townships, and counties that purchase foreclosed property from transferring it to a land bank authority unless the property was first offered for public sale under specified procedures.

Establishes a right of first refusal for the state to purchase tax-foreclosed property at the greater of minimum bid or fair market value before other governmental units or public sales.

Requires that unsold property remaining after public sales be transferred to local cities, villages, or townships by December 30 following foreclosure entry, with property not transferred to local units vesting in the state land bank fast track authority.

Specifies procedures for depositing sale proceeds into restricted accounts with priority use for reimbursing delinquent tax revolving funds, paying sale and foreclosure costs, and maintaining properties before sale.