LEGISLATIVE BUDGET BOARD Austin, Texas FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION March 11, 2011 TO: Honorable Harold V. Dutton Jr., Chair, House Committee on Urban Affairs FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB782 by Davis, Yvonne (Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.), As Introduced No fiscal implication to the State is anticipated. The bill would require that a municipality and a Type B corporation obtain an independent appraisal of a propertys market value prior to issuing bonds that would be used wholly or partly to purchase the property. Local Government Impact A municipality or a Type B corporation that does not currently conduct independent appraisals prior to purchasing property could experience a negative fiscal impact; however, it would vary depending on the number of properties purchased. It is assumed that a municipality or a Type B corporation would only purchase property that would require an independent appraisal if sufficient funds were available. According to a sampling of cities that provided information to the Texas Municipal League, most reported there would not be a fiscal impact because property appraisals are currently conducted prior to purchasing property. Source Agencies: LBB Staff: JOB, KKR, TP
LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE, 82ND LEGISLATIVE REGULAR SESSION
March 11, 2011
TO: Honorable Harold V. Dutton Jr., Chair, House Committee on Urban Affairs FROM: John S O'Brien, Director, Legislative Budget Board IN RE:HB782 by Davis, Yvonne (Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.), As Introduced
TO: Honorable Harold V. Dutton Jr., Chair, House Committee on Urban Affairs
FROM: John S O'Brien, Director, Legislative Budget Board
IN RE: HB782 by Davis, Yvonne (Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.), As Introduced
Honorable Harold V. Dutton Jr., Chair, House Committee on Urban Affairs
Honorable Harold V. Dutton Jr., Chair, House Committee on Urban Affairs
John S O'Brien, Director, Legislative Budget Board
John S O'Brien, Director, Legislative Budget Board
HB782 by Davis, Yvonne (Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.), As Introduced
HB782 by Davis, Yvonne (Relating to a requirement that certain bond issuers obtain an appraisal of property that is to be purchased with bond proceeds.), As Introduced
No fiscal implication to the State is anticipated.
No fiscal implication to the State is anticipated.
The bill would require that a municipality and a Type B corporation obtain an independent appraisal of a propertys market value prior to issuing bonds that would be used wholly or partly to purchase the property.
Local Government Impact
A municipality or a Type B corporation that does not currently conduct independent appraisals prior to purchasing property could experience a negative fiscal impact; however, it would vary depending on the number of properties purchased. It is assumed that a municipality or a Type B corporation would only purchase property that would require an independent appraisal if sufficient funds were available. According to a sampling of cities that provided information to the Texas Municipal League, most reported there would not be a fiscal impact because property appraisals are currently conducted prior to purchasing property.
Source Agencies:
LBB Staff: JOB, KKR, TP
JOB, KKR, TP