Committee reviews substitute for land‑bank bill to speed redevelopment of tax‑lien properties
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Summary
Senators discussed an extensive substitute for SB204 to authorize multi‑jurisdictional land banks, shorten certain redemption periods, allow acquisition of tax‑lien properties at auction and temporarily exempt land‑bank property from taxes to finance redevelopment; members were asked to review the long substitute and propose clarifications.
Senator Coleman Madison introduced a substitute for SB204 and summarized its purpose: to authorize multi‑jurisdictional land banks through intergovernmental agreements, permit land banks to acquire tax‑lien properties at auction (which many land banks currently cannot do), shorten some redemption periods for long‑abandoned properties and temporarily exempt land‑bank holdings from taxes so redevelopment investments can be recouped.
The sponsor said the substitute was the product of work with local officials and the Association of Accounting Commissioners and aimed to provide another tool to return vacant or disaster‑impacted properties to productive use. Senator Gavan and others raised questions about redemption periods and technical carve‑outs; the sponsor welcomed amendments and asked members to study the long substitute closely before the next meeting.
No vote was taken on the substitute; committee members were encouraged to submit amendments and the sponsor indicated additional drafting would continue.
