Introduced
by
To allow “land bank” authorities to purchase tax-foreclosed the property for the “minimum bid” required (which is the amount back taxes, fees, interest and penalties), unless the state or a local government want to buy it. The bill would also repeal a requirement that local governments must hold two separate tax-foreclosed property auctions instead of just one. Note: According to recent news reports, some local governments have avoided the auction requirement by selling tax-foreclosed property to government "land bank" authorities, which turn around and sell the parcel at a profit.
Referred to the Committee on Finance
Referred to the Committee on Banking and Financial Institutions
Reported without amendment
With the recommendation that the substitute (S-2) be adopted and that the bill then pass.
Passed in the Senate 37 to 0 (details)
To allow local governments to hold just one auction on tax-foreclosed property, rather than the two auctions required under current law the state or a local government want to buy it. The bill would also prohibit the sale to a buyer who owes taxes on other properties in the jurisdiction.
Referred to the Committee on Detroit's Recovery and Michigan's Future
