California AB2705 amends property tax laws regarding excess proceeds from tax-defaulted property sales.

California AB2705 modifies the Revenue and Taxation Code to regulate claims for excess proceeds from tax-defaulted property sales. It allows parties of interest to file claims within one year of the tax collector’s deed recordation. The bill outlines procedures for assigning claim rights, disclosure requirements for agreements, and conditions for distributing excess proceeds. It also specifies the order of priority for claimants and sets a cap on fees at 20% of the awarded excess proceeds. The changes apply to agreements entered into after January 1, 2027.

California AB2705 amends property tax laws regarding excess proceeds from tax-defaulted property sales.

California AB2705 modifies the Revenue and Taxation Code to regulate claims for excess proceeds from tax-defaulted property sales. It allows parties of interest to file claims within one year of the tax collector’s deed recordation. The bill outlines procedures for assigning claim rights, disclosure requirements for agreements, and conditions for distributing excess proceeds. It also specifies the order of priority for claimants and sets a cap on fees at 20% of the awarded excess proceeds. The changes apply to agreements entered into after January 1, 2027.