Bill > SB1983

This bill amends Tennessee Code Annotated, Section 67-5-2701, which deals with the procedure for redeeming property after a tax sale. The key change is to revise the length of the redemption period, which is the time a property owner has to buy back their property after it's sold due to unpaid taxes. Specifically, the bill establishes a new scale for determining this redemption period based on how long the property owner was delinquent in paying their taxes. If the period of delinquency is three years or less, the owner will have one year from the date the sale is officially confirmed to redeem their property. However, if the property owner was delinquent for more than three years, the redemption period is significantly shortened to ninety days from the date the sale is confirmed. This change will take effect on July 1, 2026, and will apply to all tax sales confirmed on or after that date.