COMMITTEE ON LEGISLATIVE RESEARCH
OVERSIGHT DIVISION
FISCAL NOTE
L.R. No.: 0088-01
Bill No.: SB 175
Subject: Taxation and Revenue - Property: Foreclosure Sales
Type: Original
Date: January 3, 2001
FISCAL SUMMARY
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
Total Estimated
Net Effect on All State Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
Total Estimated
Net Effect on All Federal Funds |
$0 | $0 | $0 |
FUND AFFECTED | FY 2002 | FY 2003 | FY 2004 |
Local Government | $0 | $0 | $0 |
Numbers within parentheses: ( ) indicate costs or losses.
This fiscal note contains 3 pages.
ASSUMPTION
Officials of the State Tax Commission, the Secretary of State, and the State Courts Administrator stated that the proposals would not affect their agencies, administratively.
Oversight notes that the proposal would require some additional information in notices of tax sales and assumes that there could be increased costs to counties to publish the notices, but that those costs would become, if necessary, decision items in county budgets.
FISCAL IMPACT - State Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$0 | $0 | $0 |
FISCAL IMPACT - Local Government | FY 2002
(10 Mo.) |
FY 2003 | FY 2004 |
$0 | $0 | $0 |
FISCAL IMPACT - Small Business
No direct fiscal impact to small businesses would be expected as a result of this proposal.
DESCRIPTION
This proposal would make two changes in notices of tax sales. The notice would include the name of the creditor and the amount of debt the property secured. The notice would also include a specific time of the sale. (Current notices just specify that sales would be between nine o'clock A.M. and five o'clock P.M.)
This legislation is not federally mandated, would not duplicate any other program and would not require additional capital improvements or rental space. The proposal would not affect Total State Revenue.
SOURCES OF INFORMATION
Secretary of State
State Courts Administrator
SOURCES OF INFORMATION
State Tax Commission
Not Responding: Cole County Sheriff
Jeanne Jarrett, CPA
Director
January 3, 2001