SB 276 Summary

• Establishes land bank system allowing counties, cities, and towns to operate land banks for acquiring and managing abandoned and vacant properties; requires consolidated cities to operate land banks managed by nonprofit corporations organized by county executives.

• Reduces property tax sale redemption period from one year to six months (for sales after July 1, 2012), with shorter 120-day redemption periods for properties transferred to land banks or sold to qualified purchasing agencies.

• Transfers abandoned or vacant properties with delinquent taxes, and properties offered for sale without receiving minimum bids, directly to land banks instead of county executives; land banks acquire these properties at no cost.

• Requires consolidated cities and participating counties/cities/towns to appropriate property tax revenue from disposed properties to land banks for three consecutive years following disposition to fund land bank operations.

• Provides land banks with tax exemptions on owned property, authority to acquire and dispose of real property through various means, and liability protection for environmental conditions existing at time of acquisition.