Bill > H4801

This bill aims to provide greater protections for property owners in municipal tax lien procedures in the Commonwealth of Massachusetts. Key provisions include: - Defining "excess equity" as the amount remaining from the sale of a foreclosed property after deducting taxes, fees, and reasonable costs incurred by the municipality or tax receivable purchaser. This excess equity must be paid to the former property owner. - Requiring municipalities to provide detailed notices to property owners about the tax lien process, their rights to redeem the property, and the potential for excess equity if the property is foreclosed. - Increasing the timeframe for property owners to file a motion to vacate a foreclosure decree from 1 year to 5 years, unless the property has been sold to an innocent third-party purchaser. - Establishing a special commission to study current property tax collection practices, the role of third-party tax receivable purchasers, and provide recommendations to the legislature. - Requiring the Department of Revenue to regularly review and update the language access notices provided to property owners in the 7 most common languages in the Commonwealth. The overall goal is to provide more transparency and protections for property owners facing tax foreclosure, while also balancing the needs of municipalities to collect delinquent taxes.