tax liens; certificate of
purchase
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Committee on Counties & Municipalities |
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X |
Committee on Ways & Means |
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Caucus and COW |
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Third Read |
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As Passed the House |
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SB 1040 requires a purchaser of a real property tax lien, if mandated by the county treasurer, to agree to acquire by assignment all outstanding certificates of purchase that were previously issued on the property, therefore granting the current purchaser all the right and title of the original purchaser.
Current Status
SB 1040 passed the Counties & Municipalities Committee unamended.
Currently, if tax lien is assigned to this state as provided under A.R.S. § 42-18113, the county treasurer shall sell, assign and deliver the certificate of purchase to any person who pays to the county treasurer the whole amount then due under the certificate, including interest, penalties and charges, and in addition, the entire amount of subsequent taxes assessed on the property described in the certificate.
Current statute (A.R.S. § 42-18118) stipulates that a real property tax lien shall be sold to the person who conforms to the following:
Ø Agrees to pay the whole amount of the delinquent taxes, interest, penalties and charges due on the property.
Ø Offers to accept an interest rate, no higher than 16% per year, on the amount so paid to redeem the property from the sale.
Provisions
· Requires a purchaser of a real property tax lien, if mandated by the county treasurer, to agree to acquire by assignment all outstanding certificates of purchase that were previously issued on the property.
· Stipulates that if the beholder of the certificate of purchase chooses not to pay the subsequent taxes, accrued interest and related fees, the county treasurer may require a potential purchaser of a subsequent certificate of purchase to purchase all outstanding certificates of purchase.
· Requires the county treasurer to process the sale as an assignment on behalf of the previous holder of the certificate of purchase.
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45th Legislature
Second Regular Session 2 April
2, 2002
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