Bill Text: TX HB2663 | 2015-2016 | 84th Legislature | Introduced
Bill Title: Relating to the treatment for ad valorem tax purposes of real property used for certain low-income or moderate-income housing.
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2015-03-16 - Referred to Ways & Means [HB2663 Detail]
Download: Texas-2015-HB2663-Introduced.html
84R12152 CBH-D | ||
By: Coleman | H.B. No. 2663 |
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relating to the treatment for ad valorem tax purposes of real | ||
property used for certain low-income or moderate-income housing. | ||
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | ||
SECTION 1. Section 11.1825(s-1), Tax Code, is amended to | ||
read as follows: | ||
(s-1) The [ |
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percent of the appraised value of the property. | ||
SECTION 2. Section 23.215, Tax Code, is amended by amending | ||
Subsection (b) and adding Subsection (c) to read as follows: | ||
(b) The chief appraiser shall appraise the property using | ||
the income method of appraisal described by Section 23.012 [ |
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use that method regardless of whether the chief appraiser considers | ||
that method to be the most appropriate method of appraising the | ||
property. In appraising the property, the chief appraiser shall: | ||
(1) consider the restrictions provided by this section | ||
on the income of the individuals or families to whom the dwelling | ||
units may be rented and the amount of rent that may be charged for | ||
purposes of computing the actual rental income from the property or | ||
projecting future rental income; and | ||
(2) use the same capitalization rate that the chief | ||
appraiser uses to appraise other rent-restricted properties. | ||
(c) Not later than January 31 of each year, the appraisal | ||
district shall give public notice in the manner determined by the | ||
district, including posting on the district's Internet website if | ||
applicable, of the capitalization rate to be used in that year to | ||
appraise property described by this section. | ||
SECTION 3. Sections 11.1825(q), (r), (s), (v), (w), (x), | ||
and (y), Tax Code, are repealed. | ||
SECTION 4. The changes in law made by this Act to Sections | ||
11.1825 and 23.215, Tax Code, apply only to an ad valorem tax year | ||
that begins on or after January 1, 2016. | ||
SECTION 5. This Act takes effect January 1, 2016. |