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New Law Helps Protect Nebraska Homeowners
A new state law aims to help protect property owners who fall too far behind on paying property taxes.
Previously, counties could collect back taxes by placing a lien on an entire property—no matter the size of the debt or the value of the property—and selling the lien to a third party. The investor could then pay the debt and, after three years, sell the property, with the original owners receiving nothing, including any equity.
The new law, which AARP Nebraska supported, requires investors to pay the original owners the equity that remains after payment of the delinquent taxes and other costs.
