The bill amends the General Property Tax Act to provide tax exemptions for properties held by a land bank fast track authority and those sold or conveyed by such authorities or foreclosing governmental units. Specifically, it states that properties under the jurisdiction of a land bank fast track authority are exempt from tax collection, starting from December 31 of the year they are sold or conveyed, and this exemption lasts until December 31 five years later. However, this exemption does not apply to properties included in a brownfield plan if certain conditions are met, such as the involvement of a land bank fast track authority in the brownfield plan and the approval of the authority for the release of the exemption if bonds or notes have been issued.

Additionally, the bill clarifies that properties exempt from taxes under this act will still be subject to specific taxes levied under the tax reverted clean title act. The definitions of key terms such as "land bank fast track act," "land bank fast track authority," and "tax reverted clean title act" are also included to ensure clarity in the application of the law. The enactment of this bill is contingent upon the passage of Senate Bill No. 485 of the 103rd Legislature.

Statutes affected:
Senate Introduced Bill: 211.7