West Virginia legislation · 2025 Regular Session
West Virginia HB3332: To allow certain entities to purchase qualifying tax-delinquent properties before they are offered at public auction
Status: Introduced, March 12, 2025
The purpose of this bill is to remove the sunset date on the provision granting the right of first refusal granted to land reuse agencies and municipal land banks for acquiring certain tax-delinquent properties that permits these entities to purchase qualifying tax-delinquent properties before they are offered at public auction.
What the bill says
To amend and reenact §31-18E-9 of the Code of West Virginia, 1931, as amended, relating to removing the sunset date on the provision granting the right of first refusal granted to land reuse agencies and municipal land banks for acquiring certain tax-delinquent properties that permits these entities to purchase qualifying tax-delinquent properties before they are offered at public auction. article 18e. corporations. §31-18E-9. Acquisition of property. (a) Title to be held in its name.-- A land reuse agency or municipal land bank shall hold in its own name all real property it acquires.
From the introduced text, March 12, 2025:
A BILL to amend and reenact §31-18E-9 of the Code of West Virginia, 1931, as amended, relating to removing the sunset date on the provision granting the right of first refusal granted to land reuse agencies and municipal land banks for acquiring certain tax-delinquent properties that permits these entities to purchase qualifying tax-delinquent properties before they are offered at public auction. article 18e. corporations. §31-18E-9. Acquisition of property. (a) Title to be held in its name.-- A land reuse agency or municipal land bank shall hold in its own name all real property it acquires. (b) Tax exemption.-- (1) Except as set forth in subdivision (2) of this subsection, the real property of a land reuse agency or municipal land bank and its income and operations are exempt from property tax. (2) Subdivision (1) of this subsection does not apply to real property of a land reuse agency or municipal land bank after the fifth consecutive year in which the real property is continuously leased to a private third party. However, real property continues to be exempt from property taxes if it is leased to a nonprofit or governmental agency at substantially less than fair market value. (c) Methods of acquisition. -- A land reuse agency or municipal land bank may acquire real property or interests in real property by …