HBA-CBW H.B. 2473 77(R) BILL ANALYSIS Office of House Bill AnalysisH.B. 2473 By: Homer Ways & Means 4/12/2001 Introduced BACKGROUND AND PURPOSE Currently, before the final process of selling real property at an ad valorem tax sale, property may lie dormant on the tax roll for many years. During this dormancy period, notices are filed in an effort to identify owners and to collect back taxes. House Bill 2473 reduces the period from one year to six months in which an owner may redeem real property that has been sold at an ad valorem tax sale. RULEMAKING AUTHORITY It is the opinion of the Office of House Bill Analysis that this bill does not expressly delegate any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 2473 amends the Tax Code to authorize the owner of a homestead residence on agricultural land sold at a tax sale to a purchaser other than a taxing unit or bid off to a taxing unit and not resold to redeem the property on or before the first, rather than the second, anniversary of the date on which the purchaser's deed is filed for record. The owner is to pay the purchaser a redemption premium of 25 percent of the aggregate total if the property is redeemed during the first six months of the redemption period or 50 percent of the aggregate total during the second six months, rather than the second year. The bill provides that the owner's right of redemption may be exercised not later than the 92nd day, rather than the 180th day. EFFECTIVE DATE January 1, 2002, only if the constitutional amendment to shorten the period in which the former owner of real property sold at an ad valorem tax sale is approved by the voters.