HB 975 -- LAND TRUSTS

SPONSOR:  Johnson (47)

COMMITTEE ACTION:  Voted "do pass by consent" by the Committee on
Local Government by a vote of 17 to 0.

This bill makes changes to the laws regarding land trusts in
charter counties of the first classification.  The bill:

(1)  Makes the taxing authority the sole beneficiary of the
property sold by the land trust.  Under current law, other tax
bill owners and holders may receive a portion of the funds from
the sale of the property;

(2)  Removes the requirement that the land trust commissioners
have the property appraised;

(3)  Allows the commissioners to charge the actual cost of the
list of property suitable for private use.  Under current law,
the commissioners may charge $1;

(4)  Removes the requirement that the land trust maintain
accounts on the operation, management, or other expenses of each
individual parcel of property; and

(5)  Removes the requirement that proceeds from the sale of the
land be applied to the judgment originally entered against the
property and any cost of the operation and management of the
property.

Under current law, excess funds in the land trust are used for
the land trust operation and distributed to the taking authority
and any tax bill owners.  The bill directs all excess funds to
the land trust budget and the taxing authorities.

FISCAL NOTE:  No impact on state funds in FY 2005, FY 2006, and
FY 2007.

PROPONENTS:  Supporters say that the bill will reduce
administration expenses for land trusts in first classification
charter counties.

Testifying for the bill was Representative Johnson (47).

OPPONENTS:  There was no opposition voiced to the committee.

Julie Jinkens McNitt, Legislative Analyst

Missouri House of Representatives
92nd General Assembly, 2nd Regular Session
Last Updated September 23, 2004 at 11:14 am