LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 75th Regular Session April 15, 1997 TO: Honorable Tom Craddick, Chair IN RE: House Bill No. 2587 Committee on Ways & Means By: Horn House Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on HB2587 ( Relating to the collection of delinquent property taxes and the foreclosure of tax liens.) this office has detemined the following: Biennial Net Impact to General Revenue Funds by HB2587-As Introduced No fiscal implication to the State is anticipated. FISCAL ANALYSIS The bill would change the possession of foreclosed property to 20 days after the purchaser's record deed was filed, change the amount of current property taxes paid on foreclosed property, and continue interest accruing on delinquent taxes from the date of judgment. The bill would repeal the following payment taxes assessed against certain real property sections of the Tax Code: Section 31.061(g), requiring the to only apply to a county with a population of 50,000 or less; Section 34.05(g), requiring the resale by a taxing unit to not apply to property sold in a municipality with a population of 1.5 million or more; and Section 324.21(f) relating to the definition of agricultural use. The bill would take effect immediately upon enactment, assuming that it received the requisite two-thirds majority vote in both houses of the Legislature. Otherwise, it would take effect 90 days after adjournment. LOCAL No significant fiscal implication to units of local government is anticipated. There would be some gain of revenue to taxing units for a full year's current tax payment rather than prorating the taxes and for interest continuing to accrue on the delinquent taxes. Source: Agencies: 304 Comptroller of Public Accounts LBB Staff: JK ,RR ,BR