Check out Governing Magazine's October 2007 issue on page 11 discussing how Genesee County, Michigan has created a self-sustaining property tax fund of more than $8 million to allow the county to seize delinquent real estate property, pay back taxes, and repackage property for redevelopment or for re-sale.
The county created the Genesee County Land Bank which determines how to use property in the best interest of the community. The county land bank floated a $5,000,000 brownfield bond, a tax increment financing-based package. Working with community groups the Land Bank to demolish to abandon structures and developed single-family homes and affordable housing. It offered empty lots two adjacent property owners and rehab to single-family homes. In the interim the Land Bank mows lots and clears debris from properties it owns.
More information can be found at:http://www.governing.com/archive/2006/feb/finbrfs.txt
and for information about plans in Genesee County contact: Dan Kildee at 810-257-3024 or dkildee@sbcglobal.net.
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