LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session April 2, 1995 TO: Honorable John T. Montford, Chair IN RE: Senate Bill No. 642 Committee on Finance By: Montford Senate Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on Senate Bill No. 642 (Relating to the appraisal of property for ad valorem taxation and the assessment and collection of ad valorem taxes.) this office has determined the following: The bill would propose three changes to property tax laws administered by the Comptroller and technical amendments to several sections of the Property Tax Code. Section 1 would transfer out-of-state delinquent citation functions from the Comptroller to the Secretary of State. Section 2 would provide the Comptroller discretion to allow a school district request for an audit of the Comptroller's property value study results under Section 11.86, Education Code. Currently, the Comptroller is required to audit its value findings on a school district request. Section 3 would change the reporting date for the Comptroller's report on school district effective tax rates to the Teachers' Retirement System from June 7 to no later than the seventh day after certification of property value study results to the Commissioner of Education. Sections 4 and 5 would change "Federal Land Bank of Houston" to "Federal Land Bank of Texas or its successor." Sections 6 through 8 would change the period for back assessing erroneously granting special appraisal for; timber; recreational; park and scenic land; and public access airport property from 10 to 5 years. All other Tax Code sections concerning erroneous grants are 5 years. Sections 9 and 10 would delete references to repealed Section 25.15, Tax Code. The section was repealed in 1984 and related to property owned by banking companies. Section 11 would consolidate two sections in the Tax Code allowing waiver of penalties and interest into one section. No fiscal implication to units of local government is anticipated. No significant fiscal implication to the State is anticipated. Source: Comptroller of Public Accounts, Secretary of State LBB Staff: JK, BR, DF