SB 1056 Summary

• Allows foreclosing governmental units to cancel tax foreclosures through a "certificate of postjudgment redemption" if specific conditions are met after judgment is entered.

• Permits redemption only for properties that continuously qualified as principal residences exempt from school operating taxes since being returned for delinquent taxes, with original delinquent amounts not exceeding $3,000.

• Requires all delinquent taxes, interest, penalties, and fees to be paid by the third Tuesday in July following judgment entry, and prohibits cancellation if any liens or interests were extinguished by the foreclosure judgment.

• Adds language clarifying that extinguished property interests are replaced with a right to claim equivalent proceeds from property sale, and specifies redemption rights expire on March 31 following judgment or 21 days after judgment in contested cases (with exceptions under this provision).

• Takes effect only if Senate Bill 676 of the 100th Legislature is enacted into law.