Local land bank authorities; tax sale properties acquisitions; tax exemption for acquired properties; tax revenue allocation; conveyance to state and local governments under certain circumstances; creation of local land bank authorities authorized under certain conditions

SB 342 aims to update the operations of local land bank authorities and how they acquire tax-delinquent properties. It shortens the redemption period for certain tax-delinquent properties and allows local governments or land banks to purchase these properties at auction without open market bids. The bill also authorizes the creation of multijurisdictional land bank authorities and provides a property tax exemption for properties they own. Furthermore, it allows local governments to allocate property tax revenues to land banks and permits the Governor to create land bank authorities during a state of emergency.