§ 48-4-108. Exemption of Land Bank Property From State and Local Taxation; Acquisition of Real Property Interests; Land Bank Prohibited From Owning or Holding Real Property Located Outside Geographical Boundaries
The real property of a land bank and its income and operations are exempt from all taxation by the state and by any of its political subdivisions, including, but not limited to, real property held by a land bank as lessor pursuant to long-term lease contracts with community land trusts. A land bank may acquire […]
§ 48-4-109. Land Bank to Hold Acquired Property in Own Name; Public Review and Inspection of Real Property Inventory; Consideration Necessary for Property Transactions; Hierarchical Ranking of Priorities for Use
A land bank shall hold in its own name all real property acquired by the land bank without regard to the identity of the transferor of the property. A land bank shall maintain and make available for public review and inspection an inventory of all real property held by the land bank. A land bank […]
§ 48-4-110. Funding Through Grants and Loans; Receipt of Payments for Various Activities; Remission of Real Property Tax; Allocation of Proceeds From Sale of Property
A land bank may receive funding through grants and loans from the land bank members, from any other municipal corporations, counties, or consolidated governments in the state, from the General Assembly, from the federal government, and from other public and private sources. A land bank may receive and retain payments for services rendered, for rents […]
§ 48-4-111. Public Meetings; Conflicts of Interest; Dissolution
All meetings shall be open to the public, except as otherwise provided by Chapter 14 of Title 50, and a written record shall be maintained of all meetings. All records of a land bank shall be subject to Article 4 of Chapter 18 of Title 50, relating to open records. No board member or employee […]
§ 48-4-112. Extinguishment of Prior Encumbrances, Liens, and Claims for Real Property Taxes Owed; Remission to Tax Collector; Tax Collector Authorized to Assign, Transfer, or Sell to Land Bank Certain Ad Valorem Tax Executions; Content of Notice of Transfer; Nonjudicial Tax Sale
Whenever any real property is acquired by a land bank and is encumbered by a lien or claim for real property taxes owed to one or more of the land bank members or to municipal corporations, counties, or consolidated governments that have an intergovernmental contract with the land bank, the land bank may, by resolution […]
§ 48-4-80. Redemption by Owner or Other Interested Party
At any point prior to the moment of the sale, any interested party may redeem the property from the sale by payment of the redemption amount. Payment shall be made to the petitioner. Following receipt of such payment, the petitioner shall file for dismissal of the proceedings. In the event of such payment by the […]
§ 48-4-81. Sale Procedures; Time; Minimum Bid; Finality; Right of Redemption by Owner; Execution of Tax Deed; Report of Sale
Following the hearing and order of the superior court in accordance with Code Section 48-4-79, a sale of the property shall be advertised and conducted on the date, time, place, and manner which are required by law of sheriffs’ sales. Such sale shall not occur earlier than 45 days following the date of issuance of […]
§ 48-4-100. Short Title; Applicability
This article shall be known and may be cited as the “Georgia Land Bank Act.” Any land bank created prior to July 1, 2012, pursuant to Article 4 of this chapter shall not be affected by this article but shall be entitled to continue in existence and exercise all powers granted in such article. The […]
§ 48-4-101. Findings and Declarations
The General Assembly finds and declares that: Georgia’s communities are important to the social and economic vitality of this state. Whether urban, suburban, or rural, many communities are struggling to cope with dilapidated, abandoned, and tax delinquent properties; Citizens of Georgia are affected adversely by dilapidated, abandoned, and tax delinquent properties, including properties that have […]
§ 48-4-102. Definitions
As used in this article, the term: “Board of directors” or “board” means the board of directors of a land bank. “Consolidated government” means a unified government created pursuant to Article IX, Section III, Paragraph II of the Constitution of Georgia. “Intergovernmental contract” means a contract as authorized pursuant to Article IX, Section III, Paragraph […]