Section 140.980 - Citation of law - definitions1. Sections 140.980 to 140.1015 shall be known and may be cited as the "Land Bank Act".2. As used in sections 140.980 to 140.1015, the following terms mean: (1)"Ancillary parcel", a parcel of real estate acquired by a land bank agency other than any sale conducted under section 140.190, 140.240, or 140.250;(2)"Land bank agency", an agency established by a city under the authority of section 140.981;(3)"Land taxes", taxes on real property or real estate, including the taxes both on the land and the improvements thereon;(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.Added by 2019 Mo. Laws, HB 821,s A, eff. 8/28/2019.