This bill amends the Property Assessment and Taxation Act to allow a taxing authority, without a court order, to sell a taxable property that includes a parcel of land or a leasehold interest in municipal land for the purpose of recovering the arrears of property taxes on the property.

The bill sets out the procedural steps that a taxing authority must take before and after the sale of a taxable property. Some of these involve preparing a tax arrears list and giving notice of the inclusion of the taxable property on that list and of the impending and subsequent sale of the property.

The bill also provides the assessed owner of the taxable property with a right to redeem it after its sale in court. In addition, the bill provides for the transfer of title to a taxable property from the assessed owner to the purchaser and, with some exceptions, extinguishes the interests of other persons in the taxable property that existed or arose prior to the transfer.

Finally, the bill provides for the disposition of the proceeds of the sale of a taxable property, including the payment into court for distribution to claimants of any surplus proceeds in excess of $1,000.