Bill Text: TX SB836 | 2019-2020 | 86th Legislature | Introduced

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Bill Title: Relating to the appraisal for ad valorem tax purposes of a housing unit that the owner or a predecessor of the owner acquired from a community land trust.

Spectrum: Partisan Bill (Democrat 1-0)

Status: (Introduced - Dead) 2019-03-01 - Referred to Property Tax [SB836 Detail]

Download: Texas-2019-SB836-Introduced.html

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86R7450 CJC-F
By: Miles S.B. No. 836

A BILL TO BE ENTITLED
AN ACT
relating to the appraisal for ad valorem tax purposes of a housing
unit that the owner or a predecessor of the owner acquired from a
community land trust.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 23.21(d), Tax Code, is amended to read as
follows:
(d) In appraising a housing unit that the owner or a
predecessor of the owner acquired from a community land trust
created or designated under Section 373B.002, Local Government
Code, and that is located on land owned by the trust and leased by
the owner of the housing unit, the chief appraiser shall take into
account the extent to which any regulations or restrictions
limiting the right of the owner of the housing unit to sell the
housing unit, including any limitation on the price for which the
housing unit may be sold, reduce the market value of the housing
unit. If the sale of the housing unit is subject to an eligible land
use restriction, the chief appraiser may not appraise the housing
unit in a tax year for an amount that exceeds the price for which the
housing unit may be sold under the eligible land use restriction in
that tax year. For purposes of this subsection, "eligible land use
restriction" means an agreement or restrictive covenant applicable
to a housing unit that:
(1) is recorded in the real property records;
(2) has a term of at least 40 years;
(3) restricts the price for which the housing unit may
be sold to a price that is or may be less than the market value of
the housing unit; and
(4) restricts the sale of the housing unit to a family
meeting the income-eligibility standards established by Section
373B.006, Local Government Code.
SECTION 2. This Act applies only to ad valorem taxes imposed
for a tax year that begins on or after the effective date of this
Act.
SECTION 3. This Act takes effect September 1, 2019.