Bill Text: TX HB774 | 2023-2024 | 88th Legislature | Introduced


Bill Title: Relating to the ad valorem tax appraisal of an older residence homestead located in or near a tax increment financing reinvestment zone.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-02-28 - Referred to Ways & Means [HB774 Detail]

Download: Texas-2023-HB774-Introduced.html
  88R3243 RDS-D
 
  By: Collier H.B. No. 774
 
 
 
A BILL TO BE ENTITLED
 
AN ACT
  relating to the ad valorem tax appraisal of an older residence
  homestead located in or near a tax increment financing reinvestment
  zone.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  Section 23.013, Tax Code, is amended by adding
  Subsection (f) to read as follows:
         (f)  Notwithstanding Section 1.04(7), in determining the
  market value of a residence homestead that is more than 30 years old
  and located in a tax increment financing reinvestment zone
  designated by a municipality under Chapter 311 or in the area
  adjacent to the zone, the chief appraiser for the appraisal
  district in which the property is located may, as the chief
  appraiser considers appropriate to fairly appraise the property,
  exclude from consideration the value of new or substantially
  remodeled residential properties that are located in the same
  neighborhood as the residence homestead being appraised and that
  would otherwise be considered in appraising the residence
  homestead. For purposes of this subsection, an area adjacent to a
  tax increment financing reinvestment zone means any area within two
  miles of the zone's boundaries in any direction that is not located
  within the boundaries of another reinvestment zone.
         SECTION 2.  This Act applies only to the appraisal for ad
  valorem tax purposes of a residence homestead for a tax year that
  begins on or after the effective date of this Act.
         SECTION 3.  This Act takes effect January 1, 2024, but only
  if the constitutional amendment authorizing the legislature to
  provide that the officials responsible for appraising property for
  ad valorem taxation in a county may exclude from consideration the
  value of new or substantially remodeled residential property when
  determining the market value of an older residence homestead
  located in or near a tax increment financing reinvestment zone is
  approved by the voters.  If that amendment is not approved by the
  voters, this Act has no effect.
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