New Tax lien law HB354

9 Replies

This doesn't sound like a federal law. This is a national or larger forum so you should post if this is state specific. I have never heard of Calhoun county in SC.

@Rick Boucher , what was your question? It seems to be missing from this thread, possibly when somebody moved your question over to an Alabama forum.  I gather from the few comments above that it has something to do with Calhoun County property?  Be sure to do the "@" and then my name when you reply, so I'll get a  notice that you've posted.

Originally posted by @Denise Evans :

@Rick Boucher, what was your question? It seems to be missing from this thread, possibly when somebody moved your question over to an Alabama forum.  I gather from the few comments above that it has something to do with Calhoun County property?  Be sure to do the "@" and then my name when you reply, so I'll get a  notice that you've posted.

 I'm 41 and still trying to learn how to use all this stuff and I'm getting older LOL

I bought two tax certificates one got redeemed

from what I understand HB 354 changes everything,. I sat down with the revenue commissioner and she showed me the new law and gave me a copy of it

40.1.122D is what I believe you've been talking about for the last 3 years about doing repairs as needed and being reimbursed for them.    

does HP 354 replace everything?

she tells me that those rules are no longer in effect it's very clear and straight.  40.1.198 States we can only collect what the tax collector is able to get aka the 12% interest rate

You're a genius that's why I'm asking for your opinion.  

Hi Wayne

it's Alabama code HB 354

it deals with Tax lien sales which is dramatically changed apparently and I love Denise because she's so helpful

I new to this site so I'm trying to understand how to find States and I can't find it.      It's going to take me some time to learn how to use this site.   

in the last 6 months my 401k only earn 3.51% interest

Alabama guarantees a minimum of 12% unless you bid it down for a Tax lien sales.    

I'm still trying to understand this site seems very basic very hard to find stuff

I appreciate any help people give me LOL

Originally posted by @Wayne Brooks :

@Rick Boucher HB 354 seems to deal with phamacists

@Rick Boucher , in 2019 the following counties switched from tax certificate sales to tax lien sales: Baldwin, Calhoun, Cherokee, Cullman, Elmore and Shelby.  Other counties will probably do the same thing in 2020. Bidding starts out for taxes due and 12% interest. Investors bid down the interest rate they are willing to accept if the property is redeemed. After three years the winning bidder can file a foreclosure lawsuit and own the property free and clear if the owner does not redeem before the judge signs the foreclosure order.   If it does redeem that late, it must also pay the investor's legal fees.  There are no possession rights in those counties until after the foreclosure order is entered by the judge.