West Virginia HB5425 updates property acquisition rules for land reuse agencies and urban renewal authorities.

West Virginia HB5425 amends the Code of West Virginia to clarify property acquisition rules for land reuse agencies and urban renewal authorities. It allows these entities to acquire real property through purchase contracts, lease purchase agreements, installment sales contracts, and land contracts, or by accepting transfers from municipalities or counties. Urban renewal authorities can purchase tax-delinquent properties under certain conditions, such as if the property has an assessed value of $25,000 to $100,000, or if there are municipal liens exceeding back taxes owed.

West Virginia HB5425 updates property acquisition rules for land reuse agencies and urban renewal authorities.

West Virginia HB5425 amends the Code of West Virginia to clarify property acquisition rules for land reuse agencies and urban renewal authorities. It allows these entities to acquire real property through purchase contracts, lease purchase agreements, installment sales contracts, and land contracts, or by accepting transfers from municipalities or counties. Urban renewal authorities can purchase tax-delinquent properties under certain conditions, such as if the property has an assessed value of $25,000 to $100,000, or if there are municipal liens exceeding back taxes owed.