Introduced
by
To repeal a requirement that local governments must hold two separate tax-foreclosed property auctions instead of just one. Under current law, the first auction can have a minimum bid requirement, but in the second auction the minimum bid can only be large enough to cover the cost of the auction. 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 Local Government
