Affordable Property: Land banks often acquire properties through the property tax foreclosure process, which can result in low-cost or even free land1.
Clear Title and Back Taxes: Land banks have the ability to clear title and extinguish back taxes on properties, which can save you a lot of hassle and money1.
Tax-Free Holding: As a land bank, they can hold land tax-free, which can be beneficial if you’re not planning to develop the land immediately1.
Lease Opportunities: Land banks can lease properties for temporary uses1.
Community Needs: Land banks can negotiate property sales based on community needs without seeking additional approvals from other levels of local government1.
Support Local Economy: When land banks acquire these properties, they aim to return them to productive use, which can create affordable housing, increase neighborhood property values, and generate tax revenue2.
Future Use: Cities, towns, or counties with stronger housing markets can use land banks as a mechanism for purchasing and holding land for future use1.
Remember, each land bank may operate differently, so it’s important to research the specific land bank you’re interested in to understand their processes and benefits. Happy investing! 🏡