LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 77th Regular Session
April 12, 2001
TO: Honorable Rene Oliveira, Chair, House Committee on Ways &
Means
FROM: John Keel, Director, Legislative Budget Board
IN RE: HB2473 by Homer (Relating to the right of redemption of
real property sold at an ad valorem tax sale.), As
Introduced
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* No significant fiscal implication to the State is anticipated. *
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The bill would amend Section 34.21 of the Tax Code to shorten the
redemption period following a delinquent property tax foreclosure sale to
one year from two years for former owners of residence homesteads and
land designated for agricultural use from six to three months for former
owners of other real property.
This bill would take effect January 1, 2002, contingent on passage of a
constitutional amendment, House Joint Resolution 76, shortening the
period in which the former owner of real property sold at an ad valorem
tax sale may redeem property.
Passage of this bill would expedite the sale and final transfer of real
property through the foreclosure sale process. Buyers of these
properties could clear title to the land relative to potential
redemption rights of former owners in a shorter period of time than
under current law. It is not anticipated that the provisions of this
bill will result in any significant fiscal impact on the state units of
local government. If the constitutional amendment were not approved by
the voters, this bill would have no effect.
Local Government Impact
No significant fiscal implication to units of local government is
anticipated.
Source Agencies: 304 Comptroller of Public Accounts
LBB Staff: JK, SD, BR