SB339 Summary

• Creates multijurisdictional local land bank authorities through intergovernmental agreements between counties and municipalities, allowing them to jointly manage tax-delinquent properties.

• Authorizes local governments and land bank authorities to purchase property at public auctions by tendering the minimum bid when no open market bids are received, with a 90-day redemption period instead of the standard three years.

• Provides property tax exemptions for land bank authority properties and allows local governments to allocate up to 75 percent of ad valorem taxes collected on conveyed properties to the land bank authority for five consecutive tax years.

• Permits land bank authorities to convey properties to state and local governments for floodplain management and storm water drainage purposes with minimal or no monetary consideration.

• Authorizes the Governor to create temporary local land bank authorities by executive order following a natural disaster declaration, with automatic dissolution after 12 months unless converted to a permanent authority by local action.