2003 House Bill 4482 ↩

House Roll Call 384: Passed

To authorize an alternative “specific tax” for five years on tax-reverted property sold by a "land bank authority" proposed by House Bill 4483. This tax would replace regular property taxes, but be levied at the same rate. The bill establishes an alternative distribution formula for the revenue. Half the revenue would be distributed to schools and other units of government under the existing formula, and half would go directly to the land bank authority to be used to clear titles and to repay loans received from the state for the same purpose (see House Bill 4488).