SB3494

Extends the redemption period for properties sold in tax sales from 2.5 years to 5 years.

Extends the redemption period for properties sold in tax sales from 2.5 years to 5 years. The changes apply to tax certificates issued on or after January 1, 2024. The bill also outlines the process for filing a petition for a tax deed and the distribution of surplus funds. The owner of the property can redeem it before the expiration of the redemption period. If the property is not redeemed, the tax deed grantee can file a petition for a tax deed. The proceeds of the sale are distributed to pay delinquent taxes, existing tax liens, and then to the previous owner.