Alabama HB402 would expand the powers of local land bank authorities, streamline the quiet title procedure, and authorize the creation of.

Alabama HB402 would expand the powers of local land bank authorities, streamline the quiet title procedure, and authorize the creation of multijurisdictional land banks. The bill would allow local governments to allocate part of their property tax revenues to these authorities and transfer properties to state and local governments for floodplain and stormwater management. It would require a percentage of ad valorem taxes collected on property conveyed by a local land bank authority to be remitted to the local authority for a five-year period after the conveyance.

Alabama HB402 would expand the powers of local land bank authorities, streamline the quiet title procedure, and authorize the creation of.

Alabama HB402 would expand the powers of local land bank authorities, streamline the quiet title procedure, and authorize the creation of multijurisdictional land banks. The bill would allow local governments to allocate part of their property tax revenues to these authorities and transfer properties to state and local governments for floodplain and stormwater management. It would require a percentage of ad valorem taxes collected on property conveyed by a local land bank authority to be remitted to the local authority for a five-year period after the conveyance.