Bill Text: TX HB4194 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Relating to the interest rate on a refund of ad valorem taxes made following the final determination of an appeal that decreases a property owner's tax liability.

Spectrum: Partisan Bill (Republican 1-0)

Status: (Introduced - Dead) 2019-05-01 - Left pending in committee [HB4194 Detail]

Download: Texas-2019-HB4194-Introduced.html

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By: Middleton H.B. No. 4194

A BILL TO BE ENTITLED
AN ACT
relating to the interest rate on a refund of ad valorem taxes made
following the final determination of an appeal that decreases a
property owner's tax liability.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 42.43, Tax Code, is amended by amending
Subsections (b), (b-1), and (c) and adding Subsection (b-2) to read
as follows:
(b) Except as provided by Subsection (b-1), for [For] a
refund made under this section, the taxing unit shall include with
the refund interest on the amount refunded calculated at an annual
rate of 9.5 percent, calculated from the delinquency date for the
taxes until the date the refund is made.
(b-1) For a refund made under this section resulting from
the final determination of an appeal that decreases a property
owner's liability for taxes imposed on a refinery, the taxing unit
shall include with the refund interest on the amount refunded
calculated at an annual rate that is equal to the auction average
rate quoted on a bank discount basis for one-month treasury bills
issued by the United States government, as published by the Federal
Reserve Board, for the week in which the taxes became delinquent,
but not more than 4 percent, calculated from the delinquency date
for the taxes until the date the refund is made. In this
subsection, "refinery" means an installation that refines, treats,
prepares, or processes raw or unrefined petroleum.
(b-2) A taxing unit may not send a refund made under this
section before the earlier of:
(1) the 21st day after the final determination of the
appeal; or
(2) the date the property owner files the form
prescribed by Subsection (i) with the taxing unit.
(c) Notwithstanding Subsections [Subsection] (b) and (b-1)
,
if a taxing unit does not make a refund, including interest,
required by this section before the 60th day after the date the
chief appraiser certifies a correction to the appraisal roll under
Section 42.41, the taxing unit shall include with the refund
interest on the amount refunded at an annual rate of 12 percent,
calculated from the delinquency date for the taxes until the date
the refund is made. A refund is not considered made under this
section until sent to the proper person as provided by this section.
SECTION 2. The change in law made by this Act applies only
to interest that accrues on or after the effective date of this Act.
Interest that accrued before the effective date of this Act is
governed by the law in effect when the interest accrued, and that
law is continued in effect for that purpose.
SECTION 3. This Act takes effect September 1, 2019.