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A BILL TO BE ENTITLED
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AN ACT
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relating to the authority of the chief appraiser of an appraisal |
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district to consider a sale of real property to be a comparable sale |
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when using the market data comparison method of appraisal to |
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determine the market value of real property for ad valorem tax |
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purposes. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 23.013(b) and (b-1), Tax Code, are |
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amended to read as follows: |
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(b) A sale is not considered to be a comparable sale unless |
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the sale occurred: |
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(1) not earlier than [within] 24 months before [of] |
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the date [as of which] the market value of the subject property is |
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to be determined, except that a sale that occurred earlier [did not |
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occur during that period] may be considered to be a comparable sale |
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if enough comparable properties were not sold during the 24-month |
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[that] period to constitute a representative sample; and |
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(2) not later than January 1 of the tax year for which |
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the market value of the subject property is to be determined. |
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(b-1) Notwithstanding Subsection (b)(1) [(b)], for a |
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residential property in a county with a population of more than |
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150,000, a sale is not considered to be a comparable sale unless the |
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sale occurred within 36 months of the date as of which the market |
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value of the subject property is to be determined, regardless of the |
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number of comparable properties sold during that period. |
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SECTION 2. This Act applies only to the appraisal for ad |
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valorem tax purposes of real property for a tax year that begins on |
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or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2024. |