Relating to incorrect or unequal appraised value of a property.
Impact
The implementation of HB4363 will have significant implications on state tax laws as it outlines a more defined process for correcting appraisal values. The requirement of exceeding one-third of the correct appraisal value for changes to occur allows for a controlled approach to amendments. Property owners will need to be aware of the potential late-correction penalty, which is equivalent to 10 percent of the taxes assessed on the corrected value. This serves to encourage timely corrections while ensuring state tax revenue integrity.
Summary
House Bill 4363 addresses the issue of incorrect or unequal appraisal values for properties in Texas. The bill allows property owners or chief appraisers to file a motion with the appraisal review board to correct the appraisal roll prior to tax delinquency. Notably, it stipulates that corrections can only be made if the appraised value exceeds the correct appraised value by more than one-third. This provision aims to ensure that property owners are not excessively taxed due to appraisal errors, promoting fairness in property taxation.
Contention
There may be points of contention surrounding the bill's provisions, especially regarding the implications for taxpayers facing unexpectedly high appraisal values. Critics might argue that the threshold of one-third could limit the ability of many property owners to challenge unfair tax assessments, thus maintaining a status quo that may not benefit those unfairly impacted by appraisal inaccuracies. Additionally, the process surrounding protests and the conditions under which corrections can be made might provoke debate among legislators about ensuring equitable treatment for all property owners.
Relating to the waiver under certain circumstances of the late-correction penalty if an appraisal roll is changed as a result of the filing of a motion with the appraisal review board to correct an error that resulted in an incorrect appraised value for an owner's property.
Relating to the authority of an appraisal review board to direct changes in the appraisal roll and related appraisal records if a residence homestead is sold for less than the appraised value.
Relating to the determination of an ad valorem tax protest or appeal on the ground of the unequal appraisal of property on the basis of the appraised value of the property relative to the median appraised value of a reasonable number of comparable properties.
Relating to a limitation on increases in the appraised value of commercial real property and single-family rental property for ad valorem tax purposes.
Relating to a limitation on increases in the appraised value of commercial real property and single-family rental property for ad valorem tax purposes.
Relating to a limitation on increases in the appraised value of commercial real property and single-family rental property for ad valorem tax purposes.