HB 975 -- LAND TRUSTS

This bill changes the laws regarding land trusts in charter
counties.  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
copying 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 any penalties, attorney fees, or costs
included in the judgment originally entered against the property
and any cost of its operation and management.

Under current law, excess funds in the land trust are used for
the land trust operation and distributed to the taxing 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