HB5445 Summary

• Exempts property owned by counties, municipalities, taxing districts, or units of local government that is held for land bank purposes from property taxation.

• Land bank property used to promote redevelopment and reuse of vacant, abandoned, or tax-delinquent properties remains exempt even when leased to another entity whose property is not exempt.

• Leasehold interests in land bank property are not subject to taxation under Section 9-195 of the Property Tax Code.

• Adds land bank acquisitions to Section 21-95, allowing abatement of property taxes and elimination of tax liens when governmental units acquire property for land bank purposes as described in the statute.