HB 1743 — An Act amending the act of July 7, 1947 (P.L.1368, No.542), known as the Real Estate Tax Sale Law, in short title and definitions, further providing for definitions; and, in sale of property, further providing for upset sale price and for hearing and order for judicial sale and providing for sale of residential property.

Bill Text

• Printer's No. 1974 View text Current pdf

AI-generated reading aid from the bill's amendatory text — verify against the official bill.

The bill introduces new definitions and procedures for the sale of residential properties in relation to tax claims, including setting a minimum sale price.

• Section 102

  "Minimum value," the following: (1) (i) eighty per centum (80%) of the value of a residential property as determined by a real estate appraiser licensed or certified by the State Board of Certified Real Estate Appraisers for the year in which notice of sale is given under section 602 or during the prior three years; or (ii) if there has been more than one appraisal during that period, the value as determined by the most recent appraisal; or (2) a value jointly stipulated by the bureau and the owner of the residential property.

  Adds a definition for 'Minimum value' to set a standard for the sale of residential properties.

• Section 605

  including seated and unseated lands, subject to the lien of such tax claims; → provided that, for the sale of owner-occupied residential real estate, the upset price shall not be less than the minimum value of the property unless the property is purchased by the holder of an obligation secured by a mortgage on the property.

  Establishes that the upset price for the sale of owner-occupied residential properties cannot be less than the defined minimum value.

• Section 612(a)

  said → the

  Replaces 'said' with 'the' for grammatical correction in the description of court procedures for property sales.

• Section 612(e)

  Except for the sale of property to the holder of an obligation secured by a mortgage on the property, a judicial sale of a residential property shall be made by listing the property for sale by a real estate broker licensed by the State Real Estate Commission and selected in an open and competitive manner by the bureau.

  Requires residential property sales to be conducted by a licensed real estate broker selected through a competitive process.

• The requirements under sections 605 and 612 relating to the minimum sale price and procedures for the sale of residential property shall apply to a sale of residential property to satisfy municipal claims or delinquent taxes under the act of May 16, 1923 (P.L.207, No.153), referred to as the Municipal Claim and Tax Lien Law, and the act of October 11, 1984 (P.L.876, No.171), known as the "Second Class City Treasurer's Sale and Collection Act," except that the authority granted to the bureau under sections 605 and 612 shall be granted to the claimant under the Municipal Claim and Tax Lien Law or to the city treasurer under the Second Class City Treasurer's Sale and Collection Act.

  Extends the minimum sale price and procedures applicable to residential property sales for tax claims under other related laws.

Action History

1. July 30, 2021

   PN 1974 Referred to URBAN AFFAIRS

Sponsors

• Ryan · Primary
• Barbara Gleim · Cosponsor
• Dan Moul · Cosponsor

Subjects