Authors: Representative Edward Clere
Co-authors: Representative Woody Burton, Representative Gail Riecken
Authorizes a county, consolidated city, or second class city to which the unsafe building law applies to establish a municipal corporation known as a land bank to manage and improve the marketability of distressed real property in the county or city that establishes the land bank. Provides that if a county executive acquires a certificate of sale because real property on the tax sale list failed to sell at the tax sale and the real property is located in the territory of a land bank, the county executive shall offer to assign the certificate of sale to the land bank at no cost. Changes the calculation of the amount required to redeem real property sold at a tax sale. Provides for the distribution to a land bank of all or part of the redemption interest paid to redeem property sold at a tax sale. Shortens the period during which a person who holds a tax sale certificate must apply for a tax deed. Provides that a land bank is entitled to a share of the property taxes attributable to real property sold by a land bank during a look back period. Provides that money held in an unsafe building fund may be used for the operation of a land bank.