LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 76th Regular Session February 15, 1999 TO: Honorable Frank Madla, Chair, Senate Committee on Intergovernmental Relations FROM: John Keel, Director, Legislative Budget Board IN RE: SB 337 by Madla (Relating to the distribution of the proceeds of a property tax foreclosure sale.), As Introduced ************************************************************************** * 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. This would allow 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 currently are in the registry of the court. Source Agencies: LBB Staff: JK, TL, BR