SB342 Summary

• Creates multijurisdictional local land bank authorities through intergovernmental agreements between counties and municipalities that each have more than 100 tax-delinquent properties.

• Authorizes local governments and local land bank authorities to acquire property at tax sales by tendering the minimum bid when no open market bids are received, and reduces redemption period to one year for such acquisitions.

• Provides property tax exemption for real property owned by local land bank authorities and allocates up to 75 percent of ad valorem taxes from conveyed properties to the authority for five consecutive years.

• Permits local land bank authorities to convey property to state and local governments for floodplain management and stormwater drainage when such use is the highest and best use.

• Authorizes the Governor to create temporary local land bank authorities by executive order following declaration of a state of emergency, with conversion to permanent status or dissolution within 12 months.