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 ************************************************************************** * No significant fiscal implication to the State is anticipated. * ************************************************************************** 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