Local land bank authorities; shorten tax sale redemption period; restrictions on geographic scope; creation of multijurisdictional land banks by agreement; Governor's emergency authorization to create land bank

HB 402 would streamline Alabama's land bank system by shortening the redemption period for tax-delinquent properties to one year, allowing local land banks to acquire such properties more quickly through public auctions. The bill restricts the geographic areas where land banks can operate, eliminates the public notice requirement for selling land, and grants tax exemptions to properties owned by land banks. It also enables multiple counties to form joint land banks through agreements, permits land banks to transfer properties for flood management, and requires a portion of future property taxes on sold land to be returned to the land bank for five years. Additionally, the Governor would gain authority to create a land bank by executive order during emergencies.