Bill > H4624

This bill aims to provide greater protections for property owners in Massachusetts regarding municipal tax lien procedures. Key provisions include: - Defining "excess equity" as the amount remaining above the taxes, interest, fees, and costs after a property is sold or retained following a tax foreclosure judgment. - Requiring more detailed and multilingual notices to property owners at various stages of the tax lien and foreclosure process. - Extending the statute of limitations for property owners to file a claim to recover excess equity from 5 years to 10 years. - Lowering the interest rate on overdue taxes from 25% to 10%. - Establishing a special commission to study and make recommendations on current property tax collection and foreclosure practices in the state. - Requiring the Department of Revenue to update notices in the 7 most common languages every 10 years based on census data. Overall, the bill aims to provide greater transparency and protections for property owners facing tax foreclosure, particularly for residential homeowners, and ensure they have the opportunity to recover any excess equity from the sale or retention of their property.