| Old | New | Differences | |
|---|---|---|---|
| 1 | 1 | 81R3661 UM-D | |
| 2 | 2 | By: Paxton H.B. No. 1038 | |
| 3 | 3 | ||
| 4 | 4 | ||
| 5 | 5 | A BILL TO BE ENTITLED | |
| 6 | 6 | AN ACT | |
| 7 | 7 | relating to the determination of the market value of a residence | |
| 8 | 8 | homestead for purposes of ad valorem taxation. | |
| 9 | 9 | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: | |
| 10 | 10 | SECTION 1. Section 23.01, Tax Code, is amended by adding | |
| 11 | 11 | Subsection (c) to read as follows: | |
| 12 | 12 | (c) In determining the market value of a residence | |
| 13 | 13 | homestead, the chief appraiser may not exclude from consideration | |
| 14 | 14 | the value of other residential property that is in the same | |
| 15 | 15 | neighborhood as the residence homestead being appraised and would | |
| 16 | 16 | otherwise be considered in appraising the residence homestead | |
| 17 | 17 | because the other residential property: | |
| 18 | 18 | (1) was sold at a foreclosure sale conducted in any of | |
| 19 | 19 | the three years preceding the tax year in which the residence | |
| 20 | 20 | homestead is being appraised; or | |
| 21 | 21 | (2) has a market value that has declined because of a | |
| 22 | 22 | declining economy. | |
| 23 | 23 | SECTION 2. This Act takes effect January 1, 2010. |