2003 House Bill 4481 ↩

Senate Roll Call 634: Passed

To exempt from property taxes property held by a “land bank” as defined in the land bank and community development authority act proposed by House Bill 4483, which is intended to provide a process for assembling and clearing the titles of tax-reverted properties. Also, to exempt property sold by a land bank for five years from the year the exemption initially was granted. The bill is part of a legislative package comprised of House Bills 4480 to 4484, and House Bill 4488. See House Bill 4482, which establishes an alternative "specific tax" on the land bank properties. This would be levied at the same rate as the property tax, but with a different distribution formula for the revenue.