2001 House Bill 4853 ↩

House Roll Call 803: Passed

To create the Tax Reverted Clean Title Act program, which would levy a specific tax instead of property taxes on tax-reverted properties a participating local unit of government had sold, with 50 percent of the tax revenue to be used by the local unit of government for the purpose of clearing titles on tax reverted properties or repaying loans made by the state for use in clearing titles, and the remaining 50 percent of revenue to be disbursed under the current property tax format. This bill would allow the State Treasurer to invest "surplus" funds in loans to land banks to provide an up-front funding source to municipalities to clear titles on properties. This is part of a legislative package comprised of House Bills 4850 to 4853, 5451, and 5452.