| 1 | 1 | | 88R13429 MLH-D |
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| 2 | 2 | | By: Hayes H.B. No. 4042 |
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| 3 | 3 | | |
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| 4 | 4 | | |
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| 5 | 5 | | A BILL TO BE ENTITLED |
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| 6 | 6 | | AN ACT |
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| 7 | 7 | | relating to the appraisal for ad valorem tax purposes of tangible |
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| 8 | 8 | | personal property used for the production of income that, in the |
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| 9 | 9 | | owner's opinion, has an aggregate value of less than a certain |
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| 10 | 10 | | amount. |
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| 11 | 11 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 12 | 12 | | SECTION 1. Subchapter B, Chapter 23, Tax Code, is amended by |
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| 13 | 13 | | adding Section 23.1212 to read as follows: |
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| 14 | 14 | | Sec. 23.1212. INCOME-PRODUCING TANGIBLE PERSONAL PROPERTY |
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| 15 | 15 | | HAVING VALUE OF LESS THAN $20,000. (a) This section applies only |
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| 16 | 16 | | to tangible personal property used for the production of income |
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| 17 | 17 | | that: |
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| 18 | 18 | | (1) in the property owner's opinion, has an aggregate |
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| 19 | 19 | | value of less than $20,000; and |
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| 20 | 20 | | (2) is rendered in the manner provided by Section |
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| 21 | 21 | | 22.01(f). |
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| 22 | 22 | | (b) The chief appraiser shall determine the appraised value |
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| 23 | 23 | | of property to which this section applies to be the property owner's |
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| 24 | 24 | | good faith estimate of the aggregate market value of the property as |
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| 25 | 25 | | contained in the rendition statement for the property unless the |
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| 26 | 26 | | chief appraiser determines there is clear and convincing evidence |
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| 27 | 27 | | that the owner's good faith estimate is incorrect. |
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| 28 | 28 | | (c) Section 22.01(g) does not apply to a protest, hearing, |
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| 29 | 29 | | appeal, suit, or other proceeding under this title relating to the |
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| 30 | 30 | | appraised value of property to which this section applies. |
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| 31 | 31 | | SECTION 2. This Act applies beginning with the 2024 tax |
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| 32 | 32 | | year. |
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| 33 | 33 | | SECTION 3. This Act takes effect January 1, 2024. |
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