The bill amends the "Tax Reverted Clean Title Act" by updating sections 4 and 5 to enhance the reporting and taxation processes related to eligible tax reverted properties. It mandates that by December 31 of each year, both an authority and a foreclosing governmental unit must provide a list of all properties sold or otherwise conveyed to the local tax assessor. Additionally, the bill clarifies the responsibilities of local assessors in determining the value of eligible tax reverted properties and requires that the specific tax levied on these properties be assessed, collected, and disbursed in accordance with the act.

Key changes include the insertion of language that specifies the authority's role in conveying properties and the conditions under which the specific tax is assessed. The bill also modifies the distribution of the eligible tax reverted property specific tax, ensuring that it is allocated to the appropriate authorities and used for authorized purposes under the land bank fast track act. Furthermore, it establishes that any unpaid specific tax will be treated similarly to delinquent taxes under the general property tax act, with provisions for forfeiture and foreclosure if not paid within a specified timeframe.

Statutes affected:
Senate Introduced Bill: 211.1024, 211.1025