Effective - 28 Aug 2019
140.980. Citation of law — definitions. — 1. Sections 140.980 to 140.1015 shall be known and may be cited as the "Land Bank Act".
2. As used in sections 140.980 to 140.1015, the following terms mean:
(1) "Ancillary parcel", a parcel of real estate acquired by a land bank agency other than any sale conducted under section 140.190, 140.240, or 140.250;
(2) "Land bank agency", an agency established by a city under the authority of section 140.981;
(3) "Land taxes", taxes on real property or real estate, including the taxes both on the land and the improvements thereon;
(4) "Political subdivision", any county, city, town, village, school district, library district, or any other public subdivision or public corporation that has the power to tax;
(5) "Reserve period taxes", land taxes assessed against any parcel of real estate sold or otherwise disposed of by a land bank agency for the first three tax years following such sale or disposition;
(6) "Tax bill", real estate taxes and the lien thereof, whether general or special, levied and assessed by any taxing authority;
(7) "Taxing authority", any governmental, managing, administering, or other lawful authority, now or hereafter empowered by law to issue tax bills.
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(L. 2019 H.B. 821)