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 each year, authorities must provide a list of all properties sold or otherwise conveyed to local tax assessors. Additionally, it clarifies that foreclosing governmental units must also report properties sold under specific sections of the general property tax act. The bill also specifies that assessors must determine the value and taxable value of eligible tax reverted properties annually.

Furthermore, the bill introduces a specific tax on owners of eligible tax reverted properties, which is calculated based on the tax that would have been collected if the property were not exempt. It outlines the distribution of this tax, requiring that half of the revenue be allocated to the state and local taxing units, while the other half goes to the authority that sold or conveyed the property. The bill also includes provisions for exemptions for properties located in renaissance zones and establishes that unpaid taxes will be treated similarly to delinquent taxes under the general property tax act, including potential forfeiture and foreclosure.

Statutes affected:
Senate Introduced Bill: 211.1024, 211.1025