Under existing law, the acquisition of real property by local land bank authorities is subject to certain restrictions on the procedure, geographic location, and costs
This bill would provide a shortened redemption period for a tax delinquent property that is not acquired by an open market bidder at a tax sale auction, would authorize a local government or a local land bank authority to purchase property at public auction by tendering the minimum bid in the absence of open market bids, and would limit the geographical boundaries of local land bank authority acquisitions
This bill would also provide for the creation of multijurisdictional local land bank authorities by intergovernmental agreements, a property tax exemption for a property owned by a local land bank authority, authorize local governments to allocate a portion of local property tax revenues to local land bank authorities, a local land bank authority to convey properties to state and local governments for floodplain management and storm water drainage, and the Governor to create a local land bank authority by executive order following a declaration of a state of emergency
Relating to land bank authorities; to amend Sections 24-9-4, 24-9-6, 24-9-10, 40-1-3, 40-10-1, 40-10-18, 40-10-29, 40-10-120, 40-10-184, and to add Sections 29-4-11 and 29-4-12 to the Code of Alabama 1975; to provide for the creation of multijurisdictional local land bank authorities; further authorize the acquisition of tax delinquent property and tax liens by local land bank authorities; further provide for the exemption of land bank authority property from taxes and fees; provide for the allocation of a portion of the ad valorem taxes on property conveyed by a land bank authority to the authority; further provide for the conveyance of land bank authority property; and authorize the Governor to create a local land bank authority in the event of a state of emergency.
|April 7, 2022||S||Read for the first time and referred to the Senate committee on Banking and Insurance|
|Bill Text||SB339 Alabama 2022 Session - Introduced|