Senator Sanders bill re: redemption of tax sale properties from state inventory

Senator Sanders has pre-filed a bill that would allow people redeeming property from the state inventory to pay interest on only the taxes due at the time of the auction, with no interest due on subsequent years’ taxes.

This sounds like a good idea at first blush, but it means that if an investor buys from the state inventory and pays all taxes plus interest on all taxes, then the owner can redeem for a smaller sum of money!   This is not fair,and it will chill tax sale investing. The state needs to make  it easier to sell those properties, not more difficult.  If the taxpayer can redeem by paying interest on only taxes due at time of auction, then the investor should be able to purchase for the same amount.

HERE is a copy of the bill.