Modifies current law to require the proceeds from a tax sale first be used to satisfy property taxes deferred and outstanding at the time of the sale or acquisition by a county via a tax deed. This act also authorizes the Department of Revenue to charge off as uncollectable amounts deferred and accrued interest once the Department is satisfied there are no cost-effective means of collecting the amount due. (See also HB 1421).   Official Text and Analysis.

Provides that proceeds from the sale of property acquired by the county due to property tax foreclosure must first be applied to pay the counties for costs of foreclosure and sale, then to the state for taxes deferred under the senior and limited-income property tax deferral programs, and then to other general tax liens, local improvement assessment liens, and county funds.