HB727

Mississippi HB727 establishes land bank authorities to manage and convert vacant or abandoned properties into productive use.

Mississippi HB727, known as the "Land Bank Act," facilitates the conversion of vacant, abandoned, or delinquent tax properties into productive use. The act authorizes counties and municipalities to create land bank authorities to acquire, assemble, dispose of, and quiet title to property. These authorities can enter into intergovernmental agreements for property transfer and can issue bonds and notes for financing. The act includes an expedited procedure for confirming and quieting title to property, exempting the authorities from certain taxes and special assessments.