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Section 34.04 - Claims for Excess Proceeds (a) A person, including a taxing unit and the Title IV-D agency, may file a petition in the court that ordered the seizure or sale setting forth a claim to the excess proceeds. The petition must be filed before the second anniversary of the date of the sale of the property.
What are Excess Proceeds? When property is sold at a tax sale the proceeds are used to pay the delinquent tax and assessment liens, fees and costs of the sale. If more than $150.00 in sale proceeds remain after the taxes are paid they are available for claim by Parties of Interest.
Excess Proceeds If a property is not redeemed, and it is sold, the former owners of the property have the right to claim proceeds remaining after the tax and assessment liens and the costs of sale are satisfied.
Excess Funds are funds that are remaining after paying taxes, costs, and all expenses of a tax sale made by the Tax Commissioner. These funds are held in escrow and are available to the entitled parties in the order of priority in which their interest exists.
Hear this out loud PauseExcess proceeds from the sale of tax-defaulted property is defined as any amount that exceeds one hundred fifty dollars ($150.00) after tax and assessment liens and costs of the sale have been satisfied.