Plain English Breakdown
The candidate explanation incorrectly stated that the bill changes the redemption period for less than three years of delinquency to one year and more than three years to ninety days without specifying the exact number of years. The official source material specifies these periods based on whether the delinquency is exactly three years or less, or more than three years.
Changing Property Redemption Periods
This act changes how long property owners have to redeem their properties after a tax sale based on whether the period of delinquency is three years or less.
What This Bill Does
- Changes the redemption period for properties with a delinquency period of three years or less to one year from when the order confirming the sale is entered.
- Sets the redemption period at ninety days for properties that have been delinquent for more than three years, regardless of how many additional years they are behind on taxes.
- Applies these changes starting July 1, 2026, to any orders confirming tax sales after this date.
Who It Names or Affects
- Property owners who have not paid their property taxes and whose properties may be sold due to delinquency.
- Local governments that manage the process of tax sales and redemptions.
Terms To Know
- Redemption period
- The time a property owner has after a tax sale to pay what is owed and get their property back.
- Period of delinquency
- How long the property taxes have been unpaid before the redemption period starts.
Limits and Unknowns
- The exact financial impact on local revenues cannot be determined due to many uncertain factors.
- This act does not specify what happens if a property owner tries to redeem their property after the new deadlines.