HB 975 -- Land Trusts

Sponsor:  Johnson (47)

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

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

(2)  Removes the requirement that the land trust commissioners
have 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 land
be applied to the judgment originally entered against the
property and any cost of 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.

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