This bill is intended to reduce the amount of residential and commercial property acquired by municipalities for nonpayment of taxes by establishing procedures for the development of payment plans both before and after the property is acquired by a municipality. Municipalities are required to establish procedures for payment plans and to notify persons who are delinquent of those procedures and the availability of property tax relief programs. The municipality is permitted to set off against delinquent taxes amounts owed by the municipality to the person who is delinquent. If the person who is delinquent in payment of taxes, or in the case of residential property, that person's surviving spouse, continues to reside on or occupy the property, then the municipality cannot sell the property to a 3rd party if the person residing on or occupying the residential or commercial property is making a good faith effort to repurchase the property. A former owner or the former owner's surviving spouse is permitted to buy back the property by payment of delinquent taxes, interest and costs at any time before the property is sold to a 3rd party. A municipality that sells a tax-acquired property is required to pay the funds received in excess of delinquent taxes, interest and costs to the former owner or the former owner's surviving spouse or heirs.