OK SB1478

Municipalities may create land banks to acquire, hold, and transfer unimproved real property for redevelopment, governed by a board of 5-11 members who serve without compensation

Land banks can acquire property through gift, purchase, foreclosure, or transfer from municipalities; can sell, lease, or convey property with priority uses including public spaces, affordable housing, and commercial development

Land bank property and income are exempt from state and local taxation; 50% of property taxes collected on land bank-conveyed properties are remitted to the land bank for 5 years after conveyance

Property with at least 5 years of delinquent taxes and market value below total amounts owed may be sold directly to land banks through private sale without public auction, provided the property has no buildings

Governor may create land banks by executive order following natural disaster declarations; land banks must comply with Oklahoma Open Meeting Act and Open Records Act, and board members/employees are prohibited from acquiring interests in land bank property