Bill Text: TX SB2324 | 2023-2024 | 88th Legislature | Introduced

Texas Senate Bill 2324

Introduced

Bill Title: Relating to the exemption from ad valorem taxation of certain property used to provide low-income or moderate-income housing.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2023-03-22 - Referred to Local Government [SB2324 Detail]

Download: Texas-2023-SB2324-Introduced.html

	88R4439 TJB-D

	By: Zaffirini	S.B. No. 2324



	A BILL TO BE ENTITLED
	AN ACT
	relating to the exemption from ad valorem taxation of certain
	property used to provide low-income or moderate-income housing.
	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
	SECTION 1. Section 11.1825, Tax Code, is amended by adding
	Subsection (a-1) to read as follows:
	(a-1) An organization that leases land under a ground lease
	is entitled to an exemption from taxation of the improvements owned
	by the organization that the organization constructs or
	rehabilitates and uses to provide housing to individuals or
	families meeting the income eligibility requirements of this
	section. An organization that leases land as described by this
	subsection is considered to be the owner of the land for purposes of
	the provisions of this section requiring that an organization own
	property for the purpose of constructing or rehabilitating a
	housing project on the property in order to receive an exemption for
	the property. A reference in this section to acquiring property
	includes leasing the property as described by this subsection. A
	reference in this section to an exemption from taxation or the
	appraisal of property means the improvements constructed or
	rehabilitated on the property if the property consists of land and
	improvements described by this subsection.
	SECTION 2. The change in law made by this Act applies only
	to an ad valorem tax year that begins on or after the effective date
	of this Act.
	SECTION 3. This Act takes effect January 1, 2024.