Bill > HB4056

This bill adds new sections to the Oregon Revised Statutes (ORS) chapter 312, which relates to property tax foreclosure. The key provisions are: 1. Each county must establish a process to determine any surplus from the sale of property deeded to the county after a property tax lien foreclosure, provide adequate notice to interested parties, determine the right to the surplus, and deposit the surplus in an interest-bearing account until the amount and distribution are determined. 2. The operation of ORS 312.200, which deals with the distribution of proceeds from the sale of foreclosed property, is suspended from the effective date of the act until December 31, 2025. 3. The Department of Revenue is required to coordinate with county tax officers and interested parties to determine a detailed uniform process for counties to comply with the new requirements and the ruling in the Supreme Court case Tyler v. Hennepin County, Minnesota. The department must submit a report with their determinations and recommendations for legislation by September 15, 2024. 4. The act takes effect 91 days after the 2024 regular session of the Eighty-second Legislative Assembly adjourns sine die.