AL HB402

Shortens the redemption period for tax-delinquent properties from three years to one year when the property has housing/building code liens, nuisance abatement liens, or is purchased by a local government or local land bank authority at the minimum bid

Authorizes counties and municipalities to create multijurisdictional local land bank authorities through intergovernmental agreements when both entities have more than 100 tax-delinquent properties

Grants local land bank authorities expanded powers including acquiring property at public auctions with minimum bids, purchasing tax liens at 0% interest, and exempts their property from all state and local taxes, license fees, recording fees, and stormwater fees

Requires up to 75% of ad valorem taxes collected on property conveyed by a local land bank authority to be remitted back to the authority for five consecutive years after conveyance

Authorizes the Governor to create local land bank authorities by executive order during declared states of emergency caused by natural disasters, with automatic dissolution after 12 months if not converted to a standard local land bank authority