Land banks, often hailed as a solution for revitalizing communities by managing tax-delinquent and vacant properties, may seem like a promising tool. However, for rural areas like Chariton County, Missouri, their implementation could introduce significant challenges that outweigh their potential benefits. Senate Bill 388, sponsored by State Senator Rusty Black, proposes to establish land banks in Missouri counties, but this legislation raises critical concerns, particularly about the issue of land hoarding.
Land Hoarding: A Major Threat to Local Development
One of the primary risks posed by land banks is their potential to hoard properties. Under SB 388, land banks would have the authority to acquire properties through tax foreclosures, donations, or purchases, exempting these properties from taxes during their ownership. While this exemption might allow land banks to hold properties without financial pressure, it creates an incentive to retain them for long periods without clear plans for development or sale.
In a small, rural community like Chariton County, where every parcel of land plays a vital role in the local economy, such hoarding could severely restrict opportunities for growth. Local residents, entrepreneurs, and small developers may find themselves unable to access properties they need ...
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