Wednesday, August 19, 2009

1 Year + $1 US = 1 Lot

If you live in Shreveport, Louisiana, you might be eligible to purchase a lot for a dollar. There are strong incentives for the city to promote this program. These lots cost the city about $1.5 million US annually to mow all those lots. Additionally, as part of the mayor's TBONE (Take Back Our Neighborhoods Everyday) program, residents are taking an active part in the revitalization of their city.

To qualify, you must
1) be a resident of Shreveport,
2) live next to a "vacant, adjudicated lot," and (definition below)
3) maintain the property for at least one year prior to purchase.

The process can take several months. The original owner is notified and given a chance to pay off the taxes owed. If they fail to pay, you get the property for $1. All other costs and activities (such as filing fees and notifications) are taken care of by the city, and the original property tax is forgiven.

When the program was initially introduced in 2007, the city sold 125 vacant lots. The program was discontinued in 2008 due to a conflict with state laws, but there were more than 75 applicants in the backlog waiting to be processed. To remedy the situation, the State of Louisiana recently passed a new law that allows the city to resume the program.

[The Shreveport Times]

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