Effective: September 29, 2011
Latest Legislation: House Bill 153 - 129th General Assembly
Real property acquired and held by an electing subdivision pursuant to this chapter that is not sold or otherwise transferred within fifteen years after such acquisition shall be offered for sale at public auction during the sixteenth year after acquisition. If the real property is not sold at that time, it may be disposed of or retained for any lawful purpose without further application of this chapter.
Notice of the sale shall contain a description of each parcel, the permanent parcel number, and the full street address when available. The notice shall be published once a week for three consecutive weeks prior to the sale in a newspaper of general circulation within the electing subdivision. The newspaper shall meet the requirements of section 7.12 of the Revised Code.
Each parcel subsequent to the fifteenth year after its acquisition as part of a land reutilization program shall be sold for an amount equal to not less than the greater of:
(A) Two-thirds of its fair market value;
(B) The total amount of accrued taxes, assessments, penalties, interest, charges, and costs incurred by the electing subdivision in the acquisition, maintenance, and disposal of each parcel and the parcel's share of the costs and expenses of the land reutilization program.
The sale requirements of this section do not apply to real property acquired and held by a county land reutilization corporation.
Structure Ohio Revised Code
Chapter 5722 | Land Reutilization Program
Section 5722.01 | Land Reutilization Definitions.
Section 5722.02 | Procedures to Facilitate Reutilization of Nonproductive Land.
Section 5722.03 | Sale of Nonproductive Delinquent Land to Political Subdivision.
Section 5722.031 | Petition to Vacate Transfer of Delinquent Parcel by Electing Subdivision.
Section 5722.05 | Title to Land Incontestable After One Year From Filing of Deed for Record.
Section 5722.06 | Land Management in the Reutilization Program.
Section 5722.07 | Sale of Land Acquired in Land Reutilization Program.
Section 5722.08 | Disposing of Proceeds of Sale.
Section 5722.09 | Committee of Representatives of Taxing Districts.
Section 5722.10 | Accepting Conveyance in Lieu of Foreclosure.
Section 5722.11 | Tax Exemption for Lands Acquired.
Section 5722.12 | Discontinuing Land Reutilization Program.
Section 5722.13 | Public Auction of Land After Fifteen Years.
Section 5722.14 | Nonproductive Land Included in Impacted Cities Project.
Section 5722.15 | Removing of Unpaid Taxes and Assessments After Purchase.
Section 5722.22 | Immunity of Land Reutilization Corporation.