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BILL AS INTRODUCED 2007-2008

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H.839

Introduced by Representative    McAllister of Highgate

Referred to Committee on

Date:

Subject:  Taxation; property tax; redemption; delinquent interest

Statement of purpose:  This bill proposes to repeal the requirement that a delinquent property taxpayer who redeems must pay one percent per month on the bidder's purchase price; but leave in place the requirement that the delinquent taxpayer pay one percent per month on the delinquent tax amount and costs of the tax sale.

AN ACT RELATING TO INTEREST PAID AT TIME OF TAX SALE REDEMPTION

It is hereby enacted by the General Assembly of the State of Vermont:

Sec. 1.  32 V.S.A. § 5260 is amended to read:

§ 5260.  REDEMPTION

When the owner or mortgagee of lands sold for taxes, his or her representatives or assigns, within one year from the day of sale, pays or tenders to the collector who made the sale or in the case of his or her death or removal from the town where the land lies, to the town clerk of such town, the sum for which the land was sold with interest thereon, plus interest on the total amount of delinquent taxes and tax sale costs owed to the town with respect to the parcel calculated at a rate of one percent per month or fraction thereof from the day of sale to the day of payment, a deed of the land shall not be made to the purchaser, but the money paid or tendered by the owner or mortgagee or his or her representatives or assigns to the collector or town clerk shall be paid over to such purchaser on demand.  In the event that a municipality purchases contaminated land pursuant to section 5259 of this title, the cost to redeem shall include all costs expended for assessment and remediation, including expenses incurred or authorized by any local, state, or federal government authority.



Published by:

The Vermont General Assembly
115 State Street
Montpelier, Vermont


www.leg.state.vt.us