MI SB1137

Establishes a process for persons with legal interests in tax-foreclosed properties to claim remaining proceeds from property sales under new section 78t, effective for properties sold after July 17, 2020.

Requires claimants to submit a notarized notice of intention to the foreclosing governmental unit by July 1 following the property's foreclosure, providing their name, contact information, property details, and explanation of their interest.

Creates a court-based claims process where claimants must file a motion in circuit court between February 1 and May 15 following the property sale to claim remaining proceeds, with the court determining priorities and allocating funds based on claimants' pre-foreclosure interests.

Implements a payment reduction program until July 1, 2025, allowing foreclosing governmental units to reduce delinquent tax obligations for exempt properties by up to 10% of the property's taxable value and waive interest and fees if property owners participate.

Adds a $175 fee per property when forfeited to county treasurer and requires foreclosing governmental units to conduct title searches, notify all identifiable interested parties at least 30 days before foreclosure hearings, and provide information about legal resources and assistance programs.