140.988. Funding sources for agency — property taxes, distribution by county collector to agency after sale of property — fee for delinquent tax collection.

472 words·~2 min read·/mo/chapter-140/140-988

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140.988. Funding sources for agency — property taxes, distribution by county collector to agency after sale of property — fee for delinquent tax collection. — 1.

(1)A land bank agency may receive funding through grants and gifts from political subdivisions, the state, the federal government, and other public and private sources.

(2)A land bank agency may receive funding through gifts from any source, provided that the land bank agency shall not sell or otherwise transfer by any means any real property held by the land bank agency to the entity from which the land bank agency received a gift pursuant to this subdivision.

2. Except as otherwise provided in subsection 7 of section 140.985 , a land bank agency may receive and retain payments for services rendered, for consideration for disposition of real and personal property, for proceeds of insurance coverage for losses incurred, for income from investments, and for any other asset and activity lawfully permitted to a land bank agency under the chapter 140 land bank act.

3. If a land bank agency sells or otherwise disposes of a parcel of real estate held by it, any land taxes assessed against such parcel for the three tax years following such sale or disposition by such land bank agency that are collected by the county collector in a calendar year and not refunded, less the fees provided under section 52.260 and subsection 4 of this section and less the amounts to be deducted under section 137.720 , shall be distributed by the county collector to such land bank agency no later than March first of the following calendar year, provided that land taxes impounded under section 139.031 or otherwise paid under protest shall not be subject to distribution under this subsection.

Any amount required to be distributed to a land bank agency under this subsection shall be subject to offset for amounts previously distributed to such land bank agency that were assessed, collected, or distributed in error.

4. In addition to any other provisions of law related to collection fees, the county collector shall collect on behalf of the county a fee of four percent of reserve period taxes collected and such fees collected shall be deposited in the county general fund.

5. If a county has established a land bank agency under subsection 1 of section 140.981 , the collector may collect on behalf of the county a fee for the collection of delinquent and back taxes of up to five percent on all sums collected to be added to the face of the tax bill and collected from the party paying the tax. All fees collected under the provisions of this subsection shall be paid to the land bank agency established under subsection 1 of section 140.981 .

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(L. 2019 H.B. 821, A.L. 2024 H.B. 2062)