Missouri Laws 140.984 – Agency income to be tax exempt — acquisition of property, requirements
1. The income of a land bank agency shall be exempt from all taxation by the state and by any of its political subdivisions. Upon acquiring title to any real estate, a land bank agency shall immediately notify the county assessor and the county collector of such ownership, and such real estate shall be exempt from all taxation during the land bank agency’s ownership thereof, in the same manner and to the same extent as any other publicly owned real estate. Upon the sale or other disposition of any real estate held by it, the land bank agency shall immediately notify the county assessor and the county collector of such change of ownership. However, that such tax exemption for improved and occupied real property held by the land bank agency as a lessor pursuant to a ground lease shall terminate upon the first occupancy, and the land bank agency shall immediately notify the county assessor and the county collector of such occupancy.
2. A land bank agency may acquire real property or interests in property by gift, devise, transfer, exchange, foreclosure, lease, purchase, or otherwise on terms and conditions and in a manner the land bank agency considers proper.
Terms Used In Missouri Laws 140.984
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Devise: To gift property by will.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Property: includes real and personal property. See Missouri Laws 1.020
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to any of the United States, includes the District of Columbia and the territories, and the words "United States" includes such district and territories. See Missouri Laws 1.020
3. A land bank agency may acquire property by purchase contracts, lease purchase agreements, installment sales contracts, and land contracts and may accept transfers from political subdivisions upon such terms and conditions as agreed to by the land bank agency and the political subdivision. A land bank agency may bid on any parcel of real estate offered for sale, offered at a foreclosure sale under sections 140.220 to 140.250, or offered at a sale conducted under section 140.190, 140.240, or 140.250. Notwithstanding any other law to the contrary, any political subdivision may transfer to the land bank agency real property and interests in real property of the political subdivision on such terms and conditions and according to such procedures as determined by the political subdivision.
4. A land bank agency shall maintain all of its real property in accordance with the laws and ordinances of the jurisdictions in which the real property is located.
5. Upon issuance of a deed of a delinquent land tax auction under subsection 4 of section 140.250, subsection 5 of section 140.405, or other sale conducted under section 140.190, 140.240, or 140.250 of a parcel of real estate to a land bank agency, the land bank agency shall pay the amount of the land bank agency’s bid that exceeds the amount of all tax bills included in the judgment, interest, penalties, attorney’s fees, taxes, and costs then due thereon. If the real estate is acquired in a delinquent land tax auction, such excess shall be applied and distributed in accordance with section 140.230. Upon issuance of a deed, the county collector shall mark the tax bills included in the judgment as “cancelled by sale to the land bank” and shall take credit for the full amount of such tax bills, including principal amount, interest, penalties, attorney’s fees, and costs, on his or her books and in his or her statements with any other taxing authorities.
6. A land bank shall not own real property unless the property is wholly located within the boundaries of the city that established the land bank agency.