Introduced
by
To exempt from property taxes property held by a “land bank” as defined in the land bank and community development authority act proposed by House Bill 4483, which is intended to provide a process for assembling and clearing the titles of tax-reverted properties. Also, to exempt property sold by a land bank for five years from the year the exemption initially was granted. The bill is part of a legislative package comprised of House Bills 4480 to 4484, and House Bill 4488. See House Bill 4482, which establishes an alternative "specific tax" on the land bank properties. This would be levied at the same rate as the property tax, but with a different distribution formula for the revenue.
Referred to the Committee on Land Use and Environment
Reported without amendment
With the recommendation that the substitute (H-2) be adopted and that the bill then pass.
Substitute offered
To replace the previous version of the bill with one recommended by the committee which reported it. The substitute incorporates technical changes resulting from committee testimony and deliberation. These changes do not affect the substance of the bill as previously described.
The substitute passed by voice vote
Passed in the House 107 to 0 (details)
Referred to the Committee on Finance
Reported without amendment
With the recommendation that the bill pass.
Passed in the Senate 36 to 0 (details)
To exempt from property taxes property held by a “land bank” as defined in the land bank and community development authority act proposed by House Bill 4483, which is intended to provide a process for assembling and clearing the titles of tax-reverted properties. Also, to exempt property sold by a land bank for five years from the year the exemption initially was granted. The bill is part of a legislative package comprised of House Bills 4480 to 4484, and House Bill 4488. See House Bill 4482, which establishes an alternative "specific tax" on the land bank properties. This would be levied at the same rate as the property tax, but with a different distribution formula for the revenue.
