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Freestone County to hold excess tax‑sale proceeds in interest account; could generate about $50,000
Summary
County officials approved moving unclaimed excess proceeds from tax sales into an interest‑bearing TexPool account; staff estimated about $1 million in the account and potential interest revenue of roughly $50,000 for the county if funds remain unclaimed past the statutory period.
The commissioners approved a motion to hold unclaimed excess proceeds from tax sales in an interest‑bearing account (TexPool) while owners retain a statutory two‑year period to claim funds. The district clerk and the county’s tax attorney advised that state statute permits the county to place unclaimed excess proceeds into an interest‑bearing account.
Staff reported approximately $1 million presently in the excess proceeds account, though some amounts will be paid out as claims are made. Commissioners were told the interest earned would be deposited into the county general fund as unanticipated revenue. Staff estimated the county could realize about $50,000 in interest if much of the money remains unclaimed during the waiting period.
The motion to hold the excess proceeds in a TexPool interest account and to deposit any interest into the general fund passed by voice vote in the meeting excerpt. Commissioners and staff emphasized the county’s obligation to notify property owners and that claimants have two years and must pursue court processes to obtain release of funds if they come forward.
