Bill > SB2020

This bill modifies Mississippi tax sale procedures by changing how excess funds from property tax sales are handled. Currently, when a property is sold for more taxes than are owed, the excess amount can be claimed by the property owner within two years after the redemption period. Under the proposed legislation, the county will now permanently retain any excess funds from tax sales, and landowners are explicitly prohibited from requesting recovery of these surplus amounts. The bill amends Section 27-41-77 of the Mississippi Code to remove language that previously allowed property owners to request and receive excess funds from tax sales. The change means that if a property is sold for more than the taxes and associated costs, the entire excess amount will automatically become part of the county's general fund, with no mechanism for the original property owner to reclaim those funds. This legislation is set to take effect on July 1, 2025, providing counties with a new revenue stream from tax sale transactions.