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AL SB6
Bill
Status
2/1/2023
Primary Sponsor
Linda Coleman-Madison
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AI Summary
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Allows counties and municipalities to create multijurisdictional local land bank authorities through intergovernmental agreements if both jurisdictions have at least 100 tax delinquent properties.
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Authorizes local governments and land bank authorities to acquire tax delinquent properties at public auctions by tendering the minimum bid when no open market bids are received, and allows acquisition of tax liens at zero percent interest rates.
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Exempts land bank authority property from state and local license fees, recording fees, and all other taxes, and permits allocation of up to 75 percent of ad valorem taxes on conveyed properties to the authority for five consecutive tax years.
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Enables land bank authorities to convey property to state and local governments for floodplain management and stormwater drainage purposes with various forms of compensation including nominal payments and property exchanges.
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Authorizes the Governor to create emergency land bank authorities by executive order following declarations of state of emergency caused by natural disasters, with such authorities automatically dissolving after 12 months unless converted to permanent status by local action.
Legislative Description
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.
Last Action
Introduced and Referred to Senate County and Municipal Government
2/1/2023