SB 142

Abstract

Delinquent tax lands; disposition. Authorizes localities to petition the circuit court to appoint a special commissioner to, in lieu of a sale at public auction, convey certain real estate having delinquent taxes or liens to the locality's land bank entity or an existing nonprofit entity designated by the locality to carry out the functions of a land bank entity. Currently, such real estate may be conveyed only to the locality itself. The bill also allows real estate that contains a derelict building and has delinquent taxes and liens exceeding 10 percent of its assessed value to be conveyed via special commissioner, in lieu of a sale at public auction, to the locality, the locality's land bank entity, or such existing nonprofit entity. The bill requires a land bank entity or existing nonprofit entity that receives such parcels to pay any surplusage above the amount of unpaid taxes or liens to the former owners or other parties with an interest in the property.

Delinquent tax lands; disposition. Authorizes localities to have a special commissioner appointed to, in lieu ofa sale at public auction, convey certain real estate having delinquenttaxes or liens to a land bank entity or nonprofit designated to carryout the functions of a land bank entity. Currently, such real estatemay only be conveyed to the locality itself. The bill also allowsreal estate that contains a derelict building and has delinquenttaxes and liens exceeding 10 percent of its value to be conveyedvia special commissioner in lieu of a sale at public auction.