Honorable Paul Bettencourt, Chair, Senate Committee on Property Tax
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
SB1285 by Bettencourt (Relating to the procedure for the sale by auction of real property pursuant to foreclosure of a tax lien.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend Chapter 34 of the Tax Code, regarding the sale of real property pursuant to foreclosure of a tax lien, to include a licensed auctioneer's commission and fees in the cost of the sale of the property. The bill would also require that a licensed auctioneer's commission and fees be included in calculating the amount owed on the property for which a tax warrant was issued.
The bill would not affect taxable property values, tax rates, collection rates, or any other variable that might affect the revenues of units of local governments or the state.
The bill would take effect immediately upon enactment, assuming it received the requisite two-thirds majority votes in both houses of the Legislature. Otherwise, it would take effect September 1, 2019.
Local Government Impact
No fiscal implication to units of local government is anticipated.