In accordance with RSMo § 141.984.2, 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 collector of such ownership, and such real estate 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, and upon the sale or other
disposition of any real estate held by it, such land bank agency shall immediately
notify the county assessor and the collector of such change of ownership; provided
however, that such tax exemption for improved and occupied real property held by such
land bank agency as lessor pursuant to a ground lease shall terminate upon the first
such occupancy, and such land bank agency shall immediately notify the county assessor
and the collector of such occupancy.
(
Ord. No. 120779, § 1, 9-20-12
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