SB3908 amends the Property Tax Code to establish the State Tax Deed Equity Fund and revises procedures for tax deed equity fund payments.
SB3908 amends the Property Tax Code to create the State Tax Deed Equity Fund, which will receive payments from county treasurers after each tax sale. The fund will be used to pay equity surplus payments to property owners who lost their property due to a recorded tax deed. The bill revises the process for applying for payments from the fund, including new requirements for the application and the information it must contain. It also modifies the fees associated with tax sales and the distribution of proceeds from the sales.
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