§ 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 […]
§ 48-4-44. Quitclaim Deed by Purchaser
In all cases where property is redeemed, the purchaser at the tax sale shall make a quitclaim deed to the defendant in fi. fa., which deed shall recite: The name of the person who has paid the redemption money; and The capacity in which or the claim of right or interest pursuant to which the […]
§ 48-4-45. Notice of Foreclosure of Right to Redeem; Time; Persons Entitled to Notice
After 12 months from the date of a tax sale, the purchaser at the sale or his heirs, successors, or assigns may terminate, foreclose, divest, and forever bar the right to redeem the property from the sale by causing a notice or notices of the foreclosure, as provided for in this article: To be served […]
§ 48-4-46. Form of Notice of Foreclosure of Right to Redeem; Service; Time; Return and Record; Waiver
The notice provided for in Code Section 48-4-45 shall be written or printed, or written in part and printed in part, and shall be in substantially the following form: Click to view The purchaser at the tax sale or his heirs, successors, or assigns, as the case may be, shall make out an original notice […]
§ 48-4-47. Tender of Redemption Price Before Action to Cancel Tax Deed
After notice to foreclose the right of redemption as provided for in this article has been given, no action shall be filed, allowed, sanctioned, or maintained for the purpose of setting aside, canceling, or in any way invalidating the tax deed referred to in the notice or the title conveyed by the tax deed unless […]
§ 48-4-48. Ripening of Tax Deed Title by Prescription
A title under a tax deed properly executed at a valid and legal sale prior to July 1, 1989, shall ripen by prescription after a period of seven years from the date of execution of that deed. A title under a tax deed executed on or after July 1, 1989, but before July 1, 1996, […]