1. 1. Sections 140.980 to 140.1015 shall be known and may be cited as the "Chapter 140 Land Bank Act".

2. 2. As used in sections 140.980 to 140.1015, the following terms mean:

   1. (1) "Land bank agency", an agency established by a county or municipality under the authority of section 140.981;
   2. (2) "Land taxes", taxes on real property or real estate, including the taxes both on the land and the improvements thereon;
   3. (3) "Municipality", any incorporated city, town, or village in this state;
   4. (4) "Political subdivision", any county, city, town, village, school district, library district, or any other public subdivision or public corporation that has the power to tax;
   5. (5) "Reserve period taxes", land taxes assessed against any parcel of real estate sold or otherwise disposed of by a land bank agency for the first three tax years following such sale or disposition;
   6. (6) "Tax bill", real estate taxes and the lien thereof, whether general or special, levied and assessed by any taxing authority;
   7. (7) "Taxing authority", any governmental, managing, administering, or other lawful authority, now or hereafter empowered by law to issue tax bills.

(L. 2019 H.B. 821, A.L. 2024 H.B. 2062)