AN ACT REDUCING INTEREST DUE ON CERTAIN DELINQUENT MUNICIPAL PROPERTY TAXES.

This bill reduces the interest rate on overdue municipal property taxes from higher rates to 12% annually for new tax lien assignments after July 1, 2026. It directly affects property owners with delinquent taxes (who pay less interest) and companies purchasing these tax liens (assignees). Key provisions require written contracts between municipalities and assignees, including mandatory disclosures about legal disputes and ethics violations, a one-year waiting period before foreclosure, and detailed notice requirements for property owners. The bill aims to standardize lien assignments while increasing transparency for taxpayers.