Relating to the appraisal of real property for ad valorem tax purposes.
Impact
If passed, HB291 would alter the existing processes surrounding the appraisal review in Texas significantly. Specifically, the requirement for a sales price disclosure report could facilitate evaluations that better reflect market values, benefiting state-administered property taxation systems. The bill aims to assist appraisal districts in collecting pertinent sales data that could bolster their assessments, allowing them to present a more accurate representation of property market values during appeals and protests concerning valuations. However, it enforces an additional compliance measure for property buyers, which may be seen as a burden for some.
Summary
House Bill 291 is designed to amend the Tax Code in Texas regarding the appraisal of real property for ad valorem tax purposes. This legislation introduces a requirement for purchasers or grantees of real property to file a sales price disclosure report with the chief appraiser of the appraisal district within ten days of the deed being recorded. The bill outlines specific exemptions where this disclosure is not required, such as sales made under court orders or between family members, ensuring that certain transactions are not burdened by this new obligation. The aim is to increase transparency in property transactions, potentially leading to more accurate property appraisals across the state.
Contention
Discussions around HB291 are expected to involve debates over the balance between transparency and regulatory burden on property transactions. On one side, proponents argue that requiring sales price disclosures will help standardize property assessments and prevent underreporting of sale prices, potentially increasing tax revenue. On the flip side, opponents might express concerns about privacy issues and the potential for double taxation or misinterpretation of sales data, which could adversely affect property owners. Additionally, questions may arise regarding the administrative capacity of appraisal districts to handle the increased volume of sales price data submitted under the new requirements.
Relating to a requirement that a purchaser of commercial real property disclose the sales price of the property to the appraisal district and to the use of that information by the appraisal district; creating a criminal offense.
Relating to a requirement that a purchaser of commercial real property disclose the sales price of the property to the appraisal district and to the use of that information by the appraisal district; creating a criminal offense.
Relating to ad valorem taxation, including the disclosure of the sales price of real property to use in appraising property for ad valorem tax purposes and the effect of an unfunded mandate on the use by a political subdivision of ad valorem tax revenue.
Relating to certain evidence obtained in a criminal investigation, including the issuance and execution of certain search warrants, the required disclosure of certain information in emergency situations, and the admissibility of certain evidence obtained with or without warrants.
Relating to the issuance and execution of certain search warrants in a criminal investigation and the admissibility of evidence obtained through certain searches.
Relating to the issuance and execution of certain search warrants in a criminal investigation and the admissibility of evidence obtained through certain searches.