Under existing law, the acquisition of real property by a local land bank authority is subject to certain procedural, geographic, and cost restrictions Existing law also requires the Alabama Land Bank Authority to give public notice prior to the disposition of land. This bill would shorten the redemption period for certain tax-delinquent properties, allow a local government or local land bank authority to buy property at a public auction with a minimum bid and obtain deeds after one year. This bill would restrict the geographic areas where land bank authorities are permitted to acquire property, expand the acquisition and the management powers of local land bank authorities, and streamline the quiet title procedure. This bill would authorize the creation of multijurisdictional local land bank authorities through intergovernmental agreements, grant property tax exemptions for properties owned by these authorities, and eliminate the public notice of disposition requirement. This bill would expand the powers of local land bank authorities. This bill would allow local governments to allocate part of their property tax revenues to these authorities and transfer properties to state and local governments for floodplain and stormwater management. This bill would require a percentage of ad valorem taxes collected on property conveyed by a local land bank authority to be remitted to the local authority for a five-year period after the conveyance. This bill would give the Governor the authority to create a local land bank authority by executive order during a state of emergency. This bill would also make nonsubstantive, technical revisions to update the existing code language to the current style.

Statutes affected:
Introduced: 40-10-199