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: HJR76 by Homer (Proposing a constitutional amendment to shorten the period during which the former owner of real property sold at an ad valorem tax sale may redeem the property.), As Introduced ************************************************************************** * No significant fiscal implication to the State is anticipated, * * other than the cost of publication. * * * * The cost to the state for publication of the resolution is $80,000. * ************************************************************************** The proposed resolution would amend Article VIII, Section 13 of the Texas Constitution to shorten the redemption period following a delinquent property tax foreclosure sale. The period would be reduced to one year from two years for former owners of residence homesteads and land designated for agricultural use; for former owners of other real property, the period would be reduced from six to three months. The proposed constitutional amendment would be submitted to voters at an election to be held November 6, 2001. Passage of this resolution 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 resolution will result in any significant fiscal impact on the state units of local government Local Government Impact No significant fiscal implication to units of local government is anticipated. Source Agencies: 307 Secretary of State, 304 Comptroller of Public Accounts LBB Staff: JK, SD, BR