LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session April 10, 2001 TO: Honorable Frank Madla, Chair, Senate Committee on Intergovernmental Relations FROM: John Keel, Director, Legislative Budget Board IN RE: HB858 by Dutton (Relating to the effect of a deed of conveyance of tax foreclosed property resold by a municipality for urban redevelopment purposes.), As Engrossed ************************************************************************** * No fiscal implication to the State is anticipated. * ************************************************************************** The bill would provide that a purchaser in a resale, for purposes of urban development, receive all of the taxing unit's ownership interests. Consequently, the bill would affect only private ownership rights. Current law authorizes a city to resell foreclosed property to a purchaser for less than market value if the land is to be used for certain economic development purposes, such as improving the safety and quality of life in deteriorating neighborhoods. Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies: 304 Comptroller of Public Accounts LBB Staff: JK, DB, SD, BR