Relating to the resale of property purchased by a taxing unit at a tax sale.
Impact
The implications of HB1118 are substantial for local taxing authorities, as it provides a clear and expedited process for the resale of properties that may not fetch a fair price at public auction. By enabling private sales, the bill empowers taxing units to recover costs more effectively and ensures that properties do not remain in limbo for long periods. Additionally, it includes provisions that alleviate the financial burden on taxing units that do not consent to a sale, outlining their obligation to cover a portion of maintenance costs, thereby promoting cooperation among taxing authorities.
Summary
House Bill 1118 seeks to amend provisions in the Texas Tax Code regarding the resale of properties acquired by taxing units at tax sales. The bill introduces specific stipulations that allow a taxing unit, which has acquired a property through a tax sale, to sell that property privately if the amount owed (including judgment and post-judgment taxes) exceeds the property's market value as per the certified appraisal roll. This is significant because it streamlines how properties purchased at tax sales can be handled, potentially leading to quicker resolutions for taxing units burdened with unsellable properties.
Contention
Debate surrounding HB1118 likely revolves around its impact on local governance and the balance of power between taxing units. Some stakeholders may raise concerns about uniformity in how properties are valued and sold, worried that allowing private sales might reduce transparency in the process. Furthermore, the requirement for consent from other taxing units involved in the original judgment could create friction, as disagreements over property management could complicate the quick resolution intended by the bill.
Relating to the authority of a taxing unit to sell certain seized or foreclosed property to an owner of an abutting property without conducting a public sale.
Relating to the authority of a taxing unit to sell certain seized or foreclosed property to an owner of an abutting property without conducting a public sale.
Relating to the elimination of certain property taxes for school district maintenance and operations and the provision of public education funding by increasing the rates of certain state taxes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.
Relating to the calculation of certain ad valorem tax rates of a taxing unit and the manner in which a proposed ad valorem tax rate that exceeds the voter-approval tax rate is approved; making conforming changes.