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OH SB298
Bill
Status
3/17/2014
Primary Sponsor
Shirley Smith
Click for details
AI Summary
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Prohibits county treasurers from selling delinquent property tax certificates for residential or agricultural property to any person other than county land reutilization corporations at public auctions or negotiated sales, effective on the bill's enactment date.
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Prevents county land reutilization corporations from transferring or assigning tax certificates for residential or agricultural property if the corporation purchased the certificate after the bill's effective date.
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Authorizes property owners to redeem residential or agricultural property from county land reutilization corporations by paying 105% of the total certificate purchase prices (net of premiums or discounts) at any time before the corporation initiates foreclosure proceedings.
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Establishes "residential or agricultural property" as parcels classified by the county auditor as such use and adds this term to the definitions in existing tax certificate statutes.
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Modifies the transfer mechanism for tax certificates held by county land reutilization corporations, requiring notification to the county treasurer upon acceptance of redemption payments and directing distribution of funds to the tax certificate administration fund and taxing districts.
Legislative Description
To permit delinquent property tax certificates for residential and agricultural property to be sold only to county land reutilization corporations, to prohibit such a certificate from being transferred to any person other than a county land reutilization corporation, and to authorize a county land reutilization corporation to accept from the owner of residential or agricultural property a redemption payment of one hundred five per cent of the cost of a certificate at any time before instituting foreclosure proceedings.
Delinquent property tax certificates- sold to only land reutilization corps
Last Action
To State Government Oversight & Reform
3/17/2014