Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB3581 by Dutton (Relating to the period for redeeming the residence homestead of an elderly person sold at an ad valorem tax sale.), As Introduced
No significant fiscal implication to the State is anticipated.
The bill would extend the redemption period for the residence homestead of an individual aged 65 or older sold at a property tax sale. An owner has the right of redemption and can redeem the property on or before the second anniversary of the date on which the deed is filed for record. The bill would allow a person aged 65 years of age or older who owned the residence homestead subject to a tax sale to redeem the property up to the fourth anniversary of deed filings.
The right of redemption related to real property addressed in the bill is generally available for an owner's residence homestead, land designated for agricultural use, and mineral interest, up to the second year of deed filings. The bill would extend the period to four years for the redemption of a residence homestead of an individual aged 65 or older. No statewide statistics were located to determine how many eligible homeowners find themselves in the situation of a tax sale and attempt to redeem their home. There would likely be no significant fiscal impact on the state or units of local government.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.