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 if certain conditions are met, such as the involvement of a land bank fast track authority in the brownfield plan.

Additionally, the bill introduces new definitions for terms related to the land bank fast track act and the tax reverted clean title act. It also stipulates that properties exempt from taxes under this amendment will still be subject to specific taxes levied under the tax reverted clean title act. The enactment of this bill is contingent upon the passage of Senate Bill No. 485.

Statutes affected:
Senate Introduced Bill: 211.7