LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 77th Regular Session February 2, 2001 TO: Honorable Frank Madla, Chair, Senate Committee on Intergovernmental Relations FROM: John Keel, Director, Legislative Budget Board IN RE: SB256 by Carona (Relating to the recovery by a taxing unit of certain costs on the resale of property bid off to the unit at a tax foreclosure sale.), As Introduced ************************************************************************** * No fiscal implication to the State is anticipated. * ************************************************************************** Current law allows a property owner to redeem property sold at a tax foreclosure sale. If redeeming property during the first year following the foreclosure sale, the redeeming owner must pay the purchaser the bid amount, the deed recording fee, the taxes, penalties, and interest and costs on the property. In cases where the purchaser had been a taxing unit, the bill would add a new cost that the redeeming owner would have to reimburse to the taxing unit. The bill could result in an increase in revenues to taxing units in the form of additional cost reimbursements paid by delinquent taxpayers who redeem property following a foreclosure sale. 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, BR