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



ESTIMATED NET EFFECT ON STATE FUNDS
FUND AFFECTED FY 2002 FY 2003 FY 2004
Total Estimated

Net Effect on All

State Funds

$0 $0 $0



ESTIMATED NET EFFECT ON FEDERAL FUNDS
FUND AFFECTED FY 2002 FY 2003 FY 2004
Total Estimated

Net Effect on All

Federal Funds

$0 $0 $0



ESTIMATED NET EFFECT ON LOCAL FUNDS
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.

FISCAL ANALYSIS



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