(a) In accordance with §§ [former] 67-5-2505 [repealed], 67-5-2507, 67-5-2508, [former] 67-5-2509 [repealed], and [former] 67-5-2514 [repealed], the corporation is exempt from any state taxation.(b) Additionally, the corporation has the power to pay any unpaid taxes due and owing by the owner of record of the real property, or make any government mandated improvements to the property.(c) All proceeds from the sale of real property held in the land bank shall be returned to the corporation.(d) All corporate revenue shall be held by the board of directors, and proceeds shall only go to furthering the aims of the acquisition and/or resale of real property by the corporation for the land bank.Amended by 2024 Tenn. Acts, ch. 967,s 11, eff. 5/21/2024.Acts 2012, ch. 1096, § 1.
Tennessee Legal Code