Introduced
by
To revise a provision that allows a bank or other lending institution that has foreclosed on a residence to retain the previous owner’s principal residence exemption on for up to three years. The bill would eliminate a requirement that the lending institution pay what it otherwise would have paid in school operating taxes without the exemption. (The requirement means the lender doesn’t actually save any money, but keeping the “exemption” nevertheless makes it easier to sell the property to a new homeowner).
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
