| 1 | 1 | | 88R3243 RDS-D |
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| 2 | 2 | | By: Collier H.B. No. 774 |
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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 ad valorem tax appraisal of an older residence |
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| 8 | 8 | | homestead located in or near a tax increment financing reinvestment |
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| 9 | 9 | | zone. |
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| 10 | 10 | | BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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| 11 | 11 | | SECTION 1. Section 23.013, Tax Code, is amended by adding |
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| 12 | 12 | | Subsection (f) to read as follows: |
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| 13 | 13 | | (f) Notwithstanding Section 1.04(7), in determining the |
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| 14 | 14 | | market value of a residence homestead that is more than 30 years old |
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| 15 | 15 | | and located in a tax increment financing reinvestment zone |
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| 16 | 16 | | designated by a municipality under Chapter 311 or in the area |
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| 17 | 17 | | adjacent to the zone, the chief appraiser for the appraisal |
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| 18 | 18 | | district in which the property is located may, as the chief |
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| 19 | 19 | | appraiser considers appropriate to fairly appraise the property, |
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| 20 | 20 | | exclude from consideration the value of new or substantially |
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| 21 | 21 | | remodeled residential properties that are located in the same |
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| 22 | 22 | | neighborhood as the residence homestead being appraised and that |
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| 23 | 23 | | would otherwise be considered in appraising the residence |
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| 24 | 24 | | homestead. For purposes of this subsection, an area adjacent to a |
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| 25 | 25 | | tax increment financing reinvestment zone means any area within two |
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| 26 | 26 | | miles of the zone's boundaries in any direction that is not located |
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| 27 | 27 | | within the boundaries of another reinvestment zone. |
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| 28 | 28 | | SECTION 2. This Act applies only to the appraisal for ad |
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| 29 | 29 | | valorem tax purposes of a residence homestead for a tax year that |
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| 30 | 30 | | begins on or after the effective date of this Act. |
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| 31 | 31 | | SECTION 3. This Act takes effect January 1, 2024, but only |
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| 32 | 32 | | if the constitutional amendment authorizing the legislature to |
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| 33 | 33 | | provide that the officials responsible for appraising property for |
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| 34 | 34 | | ad valorem taxation in a county may exclude from consideration the |
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| 35 | 35 | | value of new or substantially remodeled residential property when |
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| 36 | 36 | | determining the market value of an older residence homestead |
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| 37 | 37 | | located in or near a tax increment financing reinvestment zone is |
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| 38 | 38 | | approved by the voters. If that amendment is not approved by the |
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| 39 | 39 | | voters, this Act has no effect. |
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