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 | |
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| 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. | ||
