NEWS ALERT: 5/50 Legislation Pending in the Michigan State Senate
The Senate Finance Committee has reported HB4984 out of committee and the bill is now pending on the floor of the Senate. Previously, HB4984 passed the Michigan House unanimously on April 12, 2016. State Representative Tom Barrett (R, House District 71) introduced HB4984 to revise state law to clarify that properties subject to the 5/50 tax collection can be foreclosed on by the county treasurer when those taxes are delinquent. House Bill 4984 will effectively close the 5/50 tax foreclosure loophole by providing a clear path forward for county treasurers and land banks when owners fail to pay the 5/50 special tax assessed on properties sold or transferred by a land bank. HB4984 was introduced this fall on October 13, 2015, and approved by the House Committee on Tax Policy on March 9, 2016. Click here for more information on HB4984.