Missouri Revised Statutes § 140.984 - Agency income to be tax exempt — acquisition of property, requirements

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; all taxes, special taxes, fines, and fees on such real estate shall be deemed satisfied by transfer to the land bank agency; and such property 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 by gift, devise, transfer, exchange, foreclosure, purchase, or pursuant to sections 141.560 to 141.580 or section 141.819*, except a land bank agency shall not acquire property located partially or wholly outside the boundaries of the county or municipality that established such land bank agency. 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, offered at a sale conducted under section 140.190, 140.240, or 140.250, or offered at a foreclosure sale under section 141.550. 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 to a parcel of real estate to a land bank agency under subsection 4 of section 140.250, subsection 5 of section 140.405, other sale conducted under section 140.190, 140.240, or 140.250, or section 141.550, the land bank agency shall pay only 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 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, such excess shall be applied and distributed in accordance with section 140.230. If the real estate is acquired in a delinquent land tax auction under section 141.550, such excess shall be applied and distributed in accordance with subsections 3 and 4 of section 141.580, exclusive of subdivision (3) of subsection 3 of section 141.580. 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 the county collector's books and in the county collector's 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 county or municipality that established the land bank agency. 7. Within one year of the effective date of the ordinance, resolution, or rule passed establishing a municipal land bank agency under subsection 2 of section 140.981, the title to any real property that is located wholly within the municipality that created the land bank agency and that is held by a land trust created under subsection 1 of section 141.819* shall be transferred by deed from the land trust to such land bank agency, at the land bank agency's request. (L. 2019 H.B. 821, A.L. 2024 H.B. 2062, A.L. 2025 H.B. 199) *Statutory reference to section "141.821" changed to "141.819" in accordance with section 3.060 based on section renumbering by the Revisor in H.B. 2062, 2024.