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IN SB0310
Bill
Status
4/21/2017
Primary Sponsor
Brandt Hershman
Click for details
AI Summary
Senate Enrolled Act 310 Summary
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Effective July 1, 2017, allows county fiscal bodies to adopt ordinances creating a deduction from assessed property value (25-50%) for real property transferred by land banks during an eligible transfer period, with deductions applied for five consecutive years following transfer.
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Establishes an optional property tax allocation system allowing counties to redirect 25-50% of property tax revenue from land bank and redevelopment commission property transfers to those entities for redevelopment purposes.
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Permits third class cities to establish land banks as independent governmental entities to manage and improve the marketability of distressed real property within their territory.
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Requires land banks to submit annual reports to county auditors before February 1 listing all properties transferred during the eligible period, with county auditors automatically applying deductions without requiring taxpayer action.
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Sets land bank board composition for third class cities at seven members: three appointed by city executive, three by city legislature, and one appointed by county treasurer, all required to be city residents.
Legislative Description
Land banks. Allows a county fiscal body to adopt an ordinance authorizing a deduction for property transferred from a land bank. Allows a county fiscal body to adopt an ordinance authorizing the allocation of property tax revenue collected with respect to transferred properties to the transferring entities. Authorizes a third class city to which the unsafe building law applies to establish a land bank to manage and improve the marketability of distressed real property in the city. Establishes memberships on the land bank board of a third class city.
Last Action
Public Law 110
4/21/2017