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Senate Bill 0276


Senate Bill 0276

ARCHIVE (2012)

Latest Information

 

DIGEST OF INTRODUCED BILL


Tax sales and abandoned property. Allows a county, city other than a consolidated city, or town unit to operate a land bank. Provides that a unit may adopt an ordinance designating an official, a department, or an instrumentality of the unit as the manager of land bank operations for the unit. Requires a consolidated city to operate a land bank. Provides that the manager of land bank operations for a consolidated city is a nonprofit corporation organized by the county executive. Specifies that the territory of a county land bank is all the territory of the county except for the territories of cities and towns in the county. Specifies that the territory of a consolidated city's land bank is all the territory of the county in which the consolidated city is located except for the territory of the county's excluded cities. Provides that: (1) abandoned or vacant real property on which delinquent real property taxes are owed; and (2) real property on which delinquent real property taxes are owed that has been offered for sale unsuccessfully; are transferred to the land bank in which the real property is located, if any. Provides that the period of redemption in current law for real property sold in a tax sale is shortened from one year to six months following the date of sale. Requires the fiscal body of a county, city, or town that operates a land bank to appropriate to the land bank revenue from property taxes collected on real property disposed of by the land bank for three years following the year in which the land bank disposes of the real property, in the case of a consolidated city or a county, city, or town if the fiscal body of the county, city, or town has made an election to do so. Requires a consolidated city to appropriate money in the consolidated city's unsafe building fund that is not needed for executing
    Current Status:
     In Committee - first House
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