Relating to the consideration of the use of property or a comparable property in certain appeals of an appraisal review board order.
Impact
The enactment of HB 27 will directly affect the appraisal process for retail properties in Texas. By tightening the criteria for what constitutes a comparable property in appeals, this bill is expected to streamline how properties are valued and compared in these contexts. It will influence the strategic decisions of various stakeholders, including property owners, real estate agents, and appraisers, thus potentially altering property market dynamics regarding retail spaces.
Summary
House Bill 27 aims to address the considerations involved in appeals regarding appraisal review board orders specifically related to real property utilized for retail purposes. The bill proposes amendments to the Texas Tax Code by adding a new section that allows for a more refined definition of comparable properties in zoning discussions. These refinements assert that only properties with the same highest and best use as the subject property should be considered when making comparisons during appeals, impacting property valuation decisions significantly in the realm of retail real estate.
Sentiment
The general sentiment surrounding HB 27 appears to be cautiously optimistic, particularly among stakeholders focused on the retail and real estate sectors. Supporters argue that the bill will clarify existing ambiguities in property appraisal standards, thereby making the process more transparent and fair. However, there are concerns that the new criteria might limit the options available for property comparisons, which could benefit some property owners at the expense of others.
Contention
A notable point of contention includes whether the exclusion of certain use restrictions from the consideration of a property's highest and best use is justified. Critics may argue that this could lead to disparities in the assessment process. Additionally, how this law will be interpreted and enforced by appraisal review boards remains a topic of discussion, indicating a need for additional clarity and guidance in implementing its provisions.
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 the right of the chief appraiser of an appraisal district, the appraisal district, or the appraisal review board of the appraisal district to bring certain claims in an appeal of an order of the appraisal review board.
Relating to the calculation of certain ad valorem tax rates of a taxing unit for a year in which a property owner provides notice that the owner intends to appeal an order of an appraisal review board determining a protest by the owner regarding the appraisal of the owner's 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.