Relating to the consideration by an appraisal review board of the price paid by the owner of a residence homestead in determining a protest of the appraised value of the homestead.
Impact
The implementation of HB2331 will have a direct effect on the operations of appraisal review boards in Texas. The bill reinforces homeowners' rights to present evidence regarding the price they paid for their homes, thereby making it more likely that the appraisal process will be influenced by real market transactions. This could particularly impact areas where property values have fluctuated significantly since purchase, potentially lowering the tax burden for some homeowners by ensuring that appraised values align more closely with actual sale prices.
Summary
House Bill 2331 seeks to amend the Texas Tax Code by requiring appraisal review boards to give significant weight to the price paid by property owners for their residence homesteads when determining the appraised value during protests. This legislative change aims to ensure that the actual purchase price of a home is effectively taken into account, potentially providing homeowners with a stronger basis for challenging appraisals that may not reflect current market conditions. By reinforcing the relevance of the transaction price in appraisal assessments, the bill aligns with consumer interests in achieving fair property valuations.
Sentiment
Overall, the sentiment surrounding HB2331 appears to be favorable among homeowners and consumer advocacy groups who view it as a necessary protection against potentially inflated appraisals. Opponents may include some local appraisal offices who could see increased pressure and challenges to their valuation processes. However, the general public sentiment reflects a support for measures that improve transparency and fairness in property taxation, particularly in the context of rising home prices.
Contention
The notable points of contention regarding HB2331 revolve around its implications for the appraisal system and the balance of power between property owners and appraisal boards. Some legislators and appraisal experts express concerns that too much emphasis on sale price could lead to volatility in property tax valuations. There are also discussions about the potential for disparities in how different review boards interpret and apply the law, which could lead to inconsistencies across the state. Historic practices in the appraisal process may be challenged, suggesting that this bill could significantly alter how property taxes are assessed in Texas.
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 limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
Relating to limitations on increases in the appraised value for ad valorem tax purposes of residence homesteads and single-family residences other than residence homesteads.
Relating to an exemption from ad valorem taxation by a taxing unit other than a school district of a portion of the appraised value of a residence homestead based on the average appraised value in the preceding tax year of all qualified residence homesteads located in the same county.
Relating to a requirement that an appraisal review board rely on an appraisal of residential real property prepared by an appraiser and submitted to the board by the property owner to determine a protest regarding the value of the property.
Relating to a requirement that an appraisal review board rely on an appraisal of residential real property prepared by an appraiser and submitted to the board by the property owner to determine a protest regarding the value of the property.
Relating to a requirement that an appraisal review board rely on an appraisal of residential real property prepared by an appraiser and submitted to the board by the property owner to determine a protest regarding the value of the property.
Relating to a requirement that an appraisal review board rely on an appraisal of residential real property prepared by an appraiser and submitted to the board by the property owner to determine a protest regarding the value of the property.