House Bill 2202
An Act amending the act of January 30, 1974 (P.L.13, No.6), referred to as the Loan Interest and Protection Law, in protective provisions, providing for appraisal and final sale price of property.
Prime Sponsor: Representative RYAN
Last Action: Referred to URBAN AFFAIRS, April 18, 2018 [House]
Memo: Legislation: APPRAISAL FORECLOSURE REQUIREMENTS
INTRODUCED BY RYAN, GILLEN, PHILLIPS-HILL, KEEFER, SANKEY, WATSON AND ZIMMERMAN
Legislation that would prevent the sale of property during a tax auction of a home unless it reaches 80% of the value of a home. Currently homes are seized for tax sales and sold for pennies on the dollar. The home-owner can lose all personal investment in their own property in an auction where the only real concern is protecting the tax collector.
A person's home could be paid for and, due to circumstances outside the individuals control find themselves unable to keep up with the over-inflationary growth of the property tax. There are no protections to the property owner when their home is seized. The homeowner may not have sufficient time to place their home up for sale during a tax seizure of property and, as a result, could see their homes sold just to meet the tax obligation.
This bill would protect the property owners investment in their property. PAPRA supports this legislation.
You can read more about this legislation here