Public Hearing on Exception to Foreclosed Property Sales Process
On Wednesday, March 12th at 10:00 AM, the Legislature’s Taxation Committee will hold a public hearing on LD 745, a bill sponsored by Representative Lemelin of Chelsea. LD 745 would restore municipal authority to sell certain properties acquired through automatic tax lien foreclosure in the manner they see fit. More specifically, LD 745 creates an exception to the current requirements to send notices to former owners and list foreclosed properties with a licensed real estate broker if the property was acquired more than five years before the date of sale. Municipalities will still be required to distribute any excess proceeds to the former owner in accordance with 36 M.R.S.A. §943-C and the U.S. Supreme Court’s decision in Tyler v. Hennepin County.
This is a common-sense amendment that will restore local authority over sales of tax acquired properties, greatly simplify sales of properties acquired long before the enactment of the current law and remove the need for municipalities to spend great time and effort attempting to identify and locate former owners and their heirs.
You may register to submit written comment or testify before the Taxation Committee on this important bill by visiting the Legislature’s website here.