LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE 75th Regular Session April 8, 1997 TO: Honorable Fred Hill, Chair IN RE: House Bill No. 3263 Committee on Urban Affairs By: Dutton House Austin, Texas FROM: John Keel, Director In response to your request for a Fiscal Note on HB3263 ( Relating to the authorization of an interlocal agreement between taxing units that provides for the disposal of tax foreclosed property at less than market value.) this office has detemined the following: Biennial Net Impact to General Revenue Funds by HB3263-As Introduced No fiscal implication to the State is anticipated. This bill would allow for the disposal of tax foreclosed property at less than market value by a municipality, if the property is to be used for urban redevelopment purposes. However, since such sales would require the consent of each local taxing unit that is a party to the foreclosure judgment, it is expected that the taxing entities would enter into such agreements only in circumstances where the financial interest of each party involved was considered. No significant fiscal implication to units of local government is anticipated. Source: Agencies: LBB Staff: JK ,TL