88R3243 RDS-D
By: Collier H.B. No. 774
A BILL TO BE ENTITLED
AN ACT
relating to the ad valorem tax appraisal of an older residence
homestead located in or near a tax increment financing reinvestment
zone.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. Section 23.013, Tax Code, is amended by adding
Subsection (f) to read as follows:
(f) Notwithstanding Section 1.04(7), in determining the
market value of a residence homestead that is more than 30 years old
and located in a tax increment financing reinvestment zone
designated by a municipality under Chapter 311 or in the area
adjacent to the zone, the chief appraiser for the appraisal
district in which the property is located may, as the chief
appraiser considers appropriate to fairly appraise the property,
exclude from consideration the value of new or substantially
remodeled residential properties that are located in the same
neighborhood as the residence homestead being appraised and that
would otherwise be considered in appraising the residence
homestead. For purposes of this subsection, an area adjacent to a
tax increment financing reinvestment zone means any area within two
miles of the zone's boundaries in any direction that is not located
within the boundaries of another reinvestment zone.
SECTION 2. This Act applies only to the appraisal for ad
valorem tax purposes of a residence homestead for a tax year that
begins on or after the effective date of this Act.
SECTION 3. This Act takes effect January 1, 2024, but only
if the constitutional amendment authorizing the legislature to
provide that the officials responsible for appraising property for
ad valorem taxation in a county may exclude from consideration the
value of new or substantially remodeled residential property when
determining the market value of an older residence homestead
located in or near a tax increment financing reinvestment zone is
approved by the voters. If that amendment is not approved by the
voters, this Act has no effect.