Bill > S1929

This bill proposes several technical amendments to Chapter 60 of Massachusetts general laws regarding property tax collection and foreclosure procedures. The bill removes specific references to "Class one, residential property" from multiple sections of the law, which appears to broaden the applicability of certain notice and sale procedures. It updates the interest rate for land taken or sold, setting a 16% rate for properties sold before November 1, 2024, and an 8% rate thereafter. The bill also modifies procedures for tax foreclosure sales, including requiring municipalities or tax receivable purchasers to conduct appraisals, auction properties through a licensed auctioneer, and accept bids at least two-thirds of the appraised value. Additionally, it establishes new requirements for accounting and distributing excess equity from property sales, mandating that judgment holders provide a detailed itemized accounting to former property owners within 30 days of sale and pay any excess equity within 60 days. The bill prohibits certain individuals, such as municipal employees or elected officials, from bidding on these properties. These changes aim to clarify and standardize property tax collection and foreclosure processes across different types of properties. The bill is set to take effect on July 1, 2025.

Budget and Finance

https://malegislature.gov/Bills/194/S1929