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 conveyed during that calendar year to the local tax assessors. Additionally, the bill clarifies that the assessors must determine the value and taxable value of each eligible tax reverted property annually and furnish that information to the local legislative body.

Furthermore, the bill introduces a specific tax on owners of eligible tax reverted properties, which is calculated based on the amount that would have been collected under the general property tax act if the property were not exempt. It specifies that this tax must be assessed, collected, and disbursed in accordance with the act, with provisions for exemptions for principal residences. The bill also outlines the distribution of tax revenues, including provisions for payments to the state treasury for school aid, and establishes that unpaid taxes may lead to forfeiture and foreclosure similar to other delinquent taxes.

Statutes affected:
Senate Introduced Bill: 211.1024, 211.1025