Local land bank authorities; tax sale properties acquisitions; tax exemption for acquired properties; tax revenue allocation; conveyance to state and local governments under certain circumstances; creation of local land bank authorities authorized under certain conditions
Local land bank authorities, tax sale property acquisitions, tax exemption for acquired properties, tax revenue allocation, conveyance to state and local governments, multijurisdictional land bank authorities, Governor authorized to create upon state of emergency.
Tax delinquent properties, provides for distribution of excess funds from certain tax sale, actions to foreclose and quiet title, public auction demanded and distribution of proceeds, distribution of surplus proceeds, limited application of act.
Local land bank authorities, tax sale property acquisitions, tax exemption for acquired properties, tax revenue allocation, conveyance to state and local governments, multijurisdictional land bank authorities, Governor authorized to create upon state of emergency.
Relating to land bank authorities; to amend Sections 24-9-4, 24-9-6, 24-9-10, 40-1-3, 40-10-1, 40-10-18, 40-10-29, 40-10-120, 40-10-184, and to add Sections 29-4-11 and 29-4-12 to the Code of Alabama 1975; to provide for the creation of multijurisdictional local land bank authorities; further authorize the acquisition of tax delinquent property and tax liens by local land bank authorities; further provide for the exemption of land bank authority property from taxes and fees; provide for the allocation of a portion of the ad valorem taxes on property conveyed by a land bank authority to the authority; further provide for the conveyance of land bank authority property; and authorize the Governor to create a local land bank authority in the event of a state of emergency.
Land bank authorities, creation of local land bank authorities, acquisition of property, taxes and fees, coneyance, Secs. 29-4-11, 29-4-12 added; Secs. 24-9-4, 24-9-6, 24-9-10, 40-1-3, 40-10-1, 40-10-18, 40-10-29, 40-10-120, 40-10-184 am'd.