FISCAL NOTE

Senate Bill 32 as introduced would remove the distribution procedure for proceeds received from the sale or disposition of tax delinquent property. Assuming that the Land Bank Authority would retain all receipts (instead of two-thirds), this could decrease receipts to the Public School Fund, the State General Fund, and recipients of ad valorem taxes within the jurisdiction of the tax delinquent property sold or disposed of and to statutorily designated recipients of the taxes. The amount of any decrease is undetermined but would be dependent upon the amount of proceeds acquired from the sale or disposition of properties transferred to the Alabama Land Bank Authority.

This bill also lowers the threshold needed for cities and counties to form local land banks from having 1,000 tax delinquent properties, to having 100 tax delinquent properties, which could decrease receipts to recipients of the ad valorem taxes by an undetermined amount dependent upon the amount of proceeds acquired from the sale or disposition of properties transferred to local land bank authorities.