Bill Summary: SB-0081

• Eliminates the requirement for land contract vendors, banks, credit unions, and other lending institutions to pay an amount equal to school operating mills taxes when retaining a principal residence exemption on foreclosed properties.

• Reduces the maximum exemption retention period for foreclosing entities from 3 tax years to 2 tax years on properties acquired through foreclosure or deed in lieu of foreclosure.

• Maintains the conditional rescission process allowing foreclosing entities to retain exemptions on vacant foreclosed properties that are for sale and not leased or used for commercial purposes.

• Changes language regarding appeals and denials of exemptions, including modifications to timing requirements and interest accrual provisions on corrected tax bills.

• Effective 90 days after enactment.