Introduced
by
To authorize the establishment of municipal land banks, which would have the authority to assemble and dispose of tax reverted property, notwithstanding any local charter provision to the contrary. All property, income, and operations of a land bank would be exempt from taxation by the state or any political subdivision of the state. An authority could assemble or dispose of tax reverted property in a coordinated manner, and establish procedures to acquire and gain clear title to the tax reverted properties. It would be granted extensive powers to acquire real or personal property by gift, devise, transfer, exchange, foreclosure, purchase, etc.; and to own, lease out, convey, demolish, relocate, or rehabilitate real or personal property.
Referred to the Committee on Local, Urban, and State Affairs
