§ 140.980 RSMo — Citation of law — definitions

1. Sections 140.980 to 140.1015 shall be known and may be cited as the "Chapter 140 Land Bank Act".

2. As used in sections 140.980 to 140.1015 , the following terms mean:

(1) "Land bank agency" , an agency established by a county or municipality under the authority of section 140.981 ;

(2) "Land taxes" , taxes on real property or real estate, including the taxes both on the land and the improvements thereon;

(3) "Municipality" , any incorporated city, town, or village in this state;

(4) "Political subdivision" , any county, city, town, village, school district, library district, or any other public subdivision or public corporation that has the power to tax;

(5) "Reserve period taxes" , land taxes assessed against any parcel of real estate sold or otherwise disposed of by a land bank agency for the first three tax years following such sale or disposition;

(6) "Tax bill" , real estate taxes and the lien thereof, whether general or special, levied and assessed by any taxing authority;

(7) "Taxing authority" , any governmental, managing, administering, or other lawful authority, now or hereafter empowered by law to issue tax bills.