This bill amends the General Property Tax Act by modifying Section 7gg to clarify the tax exemption status of properties held by land bank fast track authorities and foreclosing governmental units. Specifically, it establishes that properties owned by these entities are exempt from tax collection starting from December 31 of the year they are sold or conveyed, and this exemption lasts until December 31 of the fifth year following the initial exemption. The bill also specifies that properties included in a brownfield plan are not eligible for this exemption under certain conditions, particularly if the land bank fast track authority has issued bonds or entered into reimbursement agreements prior to the sale.

Additionally, the bill introduces definitions for terms such as "land bank fast track act," "land bank fast track authority," and "tax reverted clean title act" to ensure clarity in the application of the law. It also includes a stipulation that the amendatory act will not take effect unless Senate Bill No. 485 is enacted into law. The changes aim to streamline the tax exemption process for properties managed by land banks and foreclosing units while maintaining accountability in cases involving brownfield redevelopment.

Statutes affected:
Senate Introduced Bill: 211.7