LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 76th Regular Session March 9, 1999 TO: Honorable Bill Carter, Chair, House Committee on Urban Affairs FROM: John Keel, Director, Legislative Budget Board IN RE: SB 337 by Madla (Relating to the distribution of the proceeds from a property tax sale.), As Engrossed ************************************************************************** * No significant fiscal implication to the State is anticipated. * ************************************************************************** Local Government Impact The bill would amend chapter 34 of the Tax Code to reduce the period for distributing excess proceeds of a property tax foreclosure sale from seven years to two years, allowing taxing units to receive any excess proceeds from foreclosure sales five years earlier than allowed by current law. Local tax unit revenues would increase based on the number of property accounts that have excess proceeds and are currently in the registry of the court. The bill would require the clerk of the court to notify the former owner if the excess proceeds were more than $25. This requirement is not expected to result in significant fiscal implications to local governments. Source Agencies: LBB Staff: JK, TL, BR