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Government property sold at public auction may include surplus government equipment, abandoned property over which the government has asserted ownership, property which has passed to the government by escheat, government land, and intangible assets over which the government asserts authority, such as broadcast frequencies sold through a spectrum auction.
Surplus Property Act of 1944 (ch. 479, 58 Stat. 765, 50A U.S.C. § 1611 et seq., enacted October 3, 1944) is an act of the United States Congress that was enacted to provide for the disposal of surplus government property to "a State, political subdivision of a State, or tax-supported organization".
The 1944 Surplus Property Act provided for the disposal of surplus government property. To deal with these disposals, numerous short-lived agencies were formed, such as the Surplus War Property Administration in the Office of War Mobilization (February – October 1944); the Surplus Property Board in the Office of War Mobilization and Reconversion (October 1944 – September 1945); and the ...
Many property owners simply abandoned the property and did not pay the taxes. Under state law, the state could not sell the property for less than its assessed value. To remedy the situation, in 1937, the Florida Legislature passed the Murphy Act. [27] The Act permitted the state to sell tax delinquent property for what could be obtained.
Blighted land in Philadelphia. Land banking is the practice of aggregating parcels of land for future sale or development.. While in many countries land banking may refer to various private real estate investment schemes, in the United States it refers to the establishment of quasi-governmental county or municipal authorities tasked with managing an inventory of surplus land.
The Surplus Property Board (SPB) was briefly responsible for disposing of $90 billion of surplus war property held by the United States government in the final year of World War II. [1] Created by the Surplus Property Act of 1944 , [ 2 ] the Board functioned for less than nine months, before being replaced by a more streamlined agency.