New bill aims to clean cities, targets problem properties

Excerpt:

Local officials hope a new law will help clean up the city.

Senate Bill 415, which took effect July 1, overhauls Indiana’s property tax system and gives cities more tools to deal with problem properties — especially those sitting empty and uncared for.

Local officials said they’re still researching the law to learn what effect it will have on Greenfield, but they’re encouraged that the General Assembly took steps to fight abandoned and vacant properties that can create eyesores in a community.

Signed into law May 6 by Gov. Mike Pence, the 56-page bill enacts a variety of changes, including a provision that allows cities and towns to offer a tax break to property owners who rehabilitate problem properties.

It also enables new buyers to acquire the deeds for abandoned and vacant properties sooner. Previously, when buyers purchased properties at tax sales in Indiana, they had to wait 120 days to a year before obtaining the deed.

At any time during that waiting period, the original owner could pay off delinquent taxes and take back ownership of the property. Lawmakers said that redemption period kept new buyers from making any immediate improvements to the property.

 

 

About the Author

Charles Sells is the founder and CEO of The PIP Group, a turnkey service provider that focuses on investments in distressed real estate assets including tax liens, tax deeds, traditional foreclosures, fix-and-flips and long-term cash flow acquisitions. He has been involved in tax lien investing for over 20 years, during which time The PIP Group has grown to become one of the largest agencies of its kind with nearly 1,000 individual and institutional investors worldwide.