88R13429 MLH-D
By: Hayes H.B. No. 4042
A BILL TO BE ENTITLED
AN ACT
relating to the appraisal for ad valorem tax purposes of tangible
personal property used for the production of income that, in the
owner's opinion, has an aggregate value of less than a certain
amount.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Subchapter B, Chapter 23, Tax Code, is amended by
adding Section 23.1212 to read as follows:
Sec. 23.1212. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY
HAVING VALUE OF LESS THAN $20,000. (a) This section applies only
to tangible personal property used for the production of income
that:
(1) in the property owner's opinion, has an aggregate
value of less than $20,000; and
(2) is rendered in the manner provided by Section
22.01(f).
(b) The chief appraiser shall determine the appraised value
of property to which this section applies to be the property owner's
good faith estimate of the aggregate market value of the property as
contained in the rendition statement for the property unless the
chief appraiser determines there is clear and convincing evidence
that the owner's good faith estimate is incorrect.
(c) Section 22.01(g) does not apply to a protest, hearing,
appeal, suit, or other proceeding under this title relating to the
appraised value of property to which this section applies.
SECTION 2. This Act applies beginning with the 2024 tax
year.
SECTION 3. This Act takes effect January 1, 2024.