Common Contracts
1 similar Tax Foreclosure Avoidance Agreement contracts
RATIONALETax Foreclosure Avoidance Agreement • October 21st, 2016
Public Act 499 of 2014 amended the General Property Tax Act to allow a county treasurer to enter into a tax foreclosure avoidance agreement for a term of up to five years with an owner of tax- delinquent property that is the owner's principal residence. Under the agreement, the owner must make an initial payment of at least 10% of the delinquent taxes owed on the property and timely payments as provided in the agreement, including timely payment of all nondelinquent taxes on the property. In exchange, the property is withheld or removed from a foreclosure petition.
