Amount required for redemption
Sec. 2. (a) The total amount of money required for the redemption
of real property equals:
(1) the sum of the amounts prescribed in subsections (b)
through (e); or
(2) the amount prescribed in subsection (f);
reduced by any amounts held in the name of the taxpayer or the
purchaser in the tax sale surplus fund.
(b) Except as provided in subsection (f), the total amount required
for redemption includes:
(1) one hundred ten percent (110%) of the minimum bid for
which the tract or real property was offered at the time of sale,
as required by IC 6-1.1-24-5, if the tract or item of real property
is redeemed not more than six (6) months after the date of sale;
or
(2) one hundred fifteen percent (115%) of the minimum bid for
which the tract or real property was offered at the time of sale,
as required by IC 6-1.1-24-5, if the tract or item of real property
is redeemed more than six (6) months but not more than one (1)
year after the date of sale.
(c) Except as provided in subsection (f), in addition to the amount
required under subsection (b), the total amount required for
redemption includes the amount by which the purchase price exceeds
the minimum bid on the real property plus ten percent (10%) per
annum on the amount by which the purchase price exceeds the
minimum bid on the property.
(d) Except as provided in subsection (f), in addition to the amount
required under subsections (b) and (c), the total amount required for
redemption includes all taxes and special assessments upon the
property paid by the purchaser after the sale plus ten percent (10%)
interest per annum on those taxes and special assessments.
(e) Except as provided in subsection (f), in addition to the
amounts required under subsections (b), (c), and (d), the total amount
required for redemption includes the following costs, if certified
before redemption by the payor to the county auditor on a form
prescribed by the state board of accounts, that were incurred and paid
by the purchaser, the purchaser's assignee, or the county, before
redemption:
(1) The attorney's fees and costs of giving notice under section
4.5 of this chapter.
(2) The costs of a title search or of examining and updating the
abstract of title for the tract or item of real property.
(f) With respect to a tract or item of real property redeemed under
section 4(c) of this chapter, instead of the amounts stated in
subsections (b) through (e), the total amount required for redemption
is the amount determined under IC 6-1.1-24-6.1(b)(4).
(Formerly: Acts 1975, P.L.47, SEC.1.) As amended by P.L.89-1987,
SEC.4; P.L.60-1988, SEC.15; P.L.50-1990, SEC.12; P.L.62-1991,
SEC.2; P.L.39-1994, SEC.14; P.L.88-1995, SEC.5; P.L.56-1996,
SEC.7; P.L.139-2001, SEC.11; P.L.170-2003, SEC.7.
Last modified: May 28, 2006