SB342 Alabama 2025 Session

Summary

Primary Sponsor

Linda Coleman-Madison Senator

Democrat

Session

2025 Regular Session

Title

Local land bank authorities; tax sale properties acquisitions; tax exemption for acquired properties; tax revenue allocation; conveyance to state and local governments under certain circumstances; creation of local land bank authorities authorized under certain conditions

Description

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 provide for the creation of multijurisdictional local land bank authorities by intergovernmental agreements and 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; authorize a local land bank authority to convey properties to state and local governments for flood plain management and storm water drainage; and authorize the Governor to create a local land bank authority by executive order following a declaration of state of emergency.

SB342 INTRODUCED This bill would also make nonsubstantive, technical revisions to update the existing code language to current style.

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Subjects

Authorities, Boards, & Commissions