AN ACT relating to property.

Amend KRS 99.727 to define "diverted tax delinquency purchaser" and "third-party purchaser"; require a certificate of delinquency related to property remaining in a tax delinquency diversion program at the expiration of the program's five year period to be made available for purchase by third-party purchasers; allow diverted tax delinquency purchasers to purchase certificates of delinquency related to property included in a tax delinquency diversion program during the program's five year period; set requirements for the…

County Clerks State Agencies Taxation Taxation, Property Administrative Regulations and Proceedings Attorney, County Property Local Mandate

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This bill updates Kentucky law governing how unpaid property tax debts can be bought and sold when properties are part of a local tax delinquency diversion program. It creates new rules for who can purchase these tax debts, when they can be purchased, and what steps county attorneys and buyers must follow. The Department of Revenue would also be required to write official regulations to guide the process. Who it may affect: property owners in tax delinquency diversion programs, county attorneys, and private investors who purchase certificates of delinquency.

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