Bill > SF28

This bill modifies Iowa law regarding tax sale properties with abandoned buildings by clarifying the process and financial obligations when a city or county seeks to cancel a tax sale. Currently, if a city or county files a petition against a tax sale certificate holder and verifies that the property contains an abandoned building, the county treasurer must cancel the sale and refund the purchase money. The bill now requires that in addition to refunding the original purchase money, the city or county must also pay interest of 2 percent per month on the total amount due, including any additional amounts added to the original purchase price. This interest will be calculated from the date of the original property purchase until the full refund is made. The bill defines specific terms like "abandoned building" by referencing section 657A.1 and provides a more detailed framework for how tax sale cancellations and refunds should be processed, which aims to provide more financial protection and clarity for tax sale certificate holders when properties are found to contain abandoned buildings.

Government Affairs

https://www.legis.iowa.gov/legislation/BillBook?ga=91&ba=SF28