NOTE:  As provided in LFC policy, this report is intended only for use by the standing finance committees of the legislature.  The Legislative Finance Committee does not assume responsibility for the accuracy of the information in this report when used for other purposes.

 

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F I S C A L   I M P A C T   R E P O R T

 

 

 

SPONSOR:

Taylor, TC

 

DATE TYPED:

2/24/03

 

HB

895

 

SHORT TITLE:

Real Estate Proximity to Airport

 

SB

 

 

 

ANALYST:

Wilson

 

APPROPRIATION

 

Appropriation Contained

Estimated Additional Impact

Recurring

or Non-Rec

Fund

Affected

FY03

FY04

FY03

FY04

 

 

 

 

 

NFI

 

 

 

SOURCES OF INFORMATION

 

Responses Received From

 

Real Estate Commission (REC)

 

SUMMARY

 

     Synopsis of Bill

 

House Bill 895 requires the seller, or agents of the seller of real estate, to disclose to a prospective purchaser that the real estate is located within three statute miles of the reference point of an airport, or that the property underlies an area of regular aviation activity.

 

     Significant Issues

 

The REC raises the issue about who will be liable if a parcel of real estate is not within three statute miles of an airport at the time the parcel was sold, but falls within that parameter in the future due to a new airport development.  It is not always clear when expansion plans are known.

 

TECHNICAL ISSUES

 

The REC notes an existing statute is not referenced in HB 895.  It is unclear whether HB895 is intended to be an amendment to the Real Estate License Law, or an entirely new statute.

 

DW/njw :sb