Tax sale; county to retain any overbid amount and landowner prohibited from requesting recovery of.
Impact
The most significant impact of SB2733 is its reallocation of excess tax sale revenues, which will enhance the financial resources available to county governments. By allowing counties to retain excess funds that would otherwise be payable to landowners, the bill could strengthen the county's general fund. This measure is expected to improve county budgeting, providing more flexibility in funding county services and projects, although it raises questions about equity for landowners in tax sales.
Summary
Senate Bill 2733 seeks to amend Section 27-41-77 of the Mississippi Code of 1972 regarding tax sales of land. The bill stipulates that any excess funds from the sale of land for taxes, which exceeds the amount due, are to be retained by the county in its general fund. Additionally, the bill prohibits landowners from requesting payment of this excess once the property is sold. This change emphasizes a shift in how tax sale proceeds are handled, particularly in terms of financial accountability at the county level.
Contention
Critics of SB2733 may argue that the prohibition on landowners requesting excess funds undermines their rights, especially in situations where a property may be sold for significantly more than the tax debt owed. The two-year window for landowners to claim any excess, combined with the prohibition on recovery, poses a significant concern for those affected by tax sales, as it could lead to financial losses. Proponents might argue the bill ensures that local governments can maintain essential services funded by these excess amounts, impacting the debate on local versus landowner rights.