LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 74th Regular Session April 2, 1995 TO: Honorable John T. Montford, Chair IN RE: Senate BillNo. 1151 Committee on Finance By: Ellis Senate Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on Senate Bill No. 1151 (Relating to the transfer of tax liens.) this office has determined the following: The bill would establish a procedure for a taxing unit to transfer a tax lien to another person, subject to certain publication requirements. The person who purchases a tax lien may foreclose the lien within 60 days after the lien is recorded. Under current law, Section 32.06, Tax Code, a property owner may authorize another person to pay his or her property taxes, subject to interest charges not to exceed 10 percent. The person paying the taxes holds the tax lien and may foreclose the lien after one year from the date of recorded tax lien transfer. Taxing units would collect delinquent taxes, penalties and interest on properties without filing delinquent tax lawsuits and initiating foreclosure sales. Taxing units would incur some publication costs to publicize the sale and transfer of tax liens to another person. No fiscal implication to the State is anticipated. The fiscal implication to units of local government cannot be determined. Source: LBB Staff: JK, BR, DF