Land banks; right of first refusal for tax delinquent parcels. (HB2052)

Introduced By

Del. Ibraheem Samirah (D-Herndon) with support from co-patrons Del. Ken Plum (D-Reston), and Del. Shelly Simonds (D-Newport News)

Description

Land banks; right of first refusal for tax delinquent parcels. Requires localities that have established a land bank to establish a procedure whereby the land bank shall have a right of first refusal for tax delinquent parcels prior to such property being sold at auction. The price for any such purchase by the land bank shall be $1 and any court and transaction expenses. If a land bank exercises its right of first refusal to purchase a property from the locality and, in the judgment of the locality, fails to begin rehabilitation of the property or fails to take other action to cause reuse of the property within one year, such as transferring the property to a nonprofit entity, ownership of the property shall revert back to the locality. These provisions may be utilized for any parcel with a value that does not exceed 80 percent of the median value of parcels in the locality. Read the Bill »

Outcome

History