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AN ACT
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relating to the exemption from ad valorem taxation of certain |
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property used to provide low-income or moderate-income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.1825, Tax Code, is amended by adding |
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Subsection (a-1) to read as follows: |
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(a-1) An organization that leases land under a ground lease |
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is entitled to an exemption from taxation of the improvements owned |
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by the organization that the organization constructs or |
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rehabilitates and uses to provide housing to individuals or |
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families meeting the income eligibility requirements of this |
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section. An organization that leases land as described by this |
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subsection is considered to be the owner of the land for purposes of |
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the provisions of this section requiring that an organization own |
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property for the purpose of constructing or rehabilitating a |
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housing project on the property in order to receive an exemption for |
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the property. A reference in this section to acquiring property |
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includes leasing the property as described by this subsection. A |
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reference in this section to an exemption from taxation or the |
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appraisal of property means the improvements constructed or |
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rehabilitated on the property if the property consists of land and |
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improvements described by this subsection. |
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SECTION 2. The change in law made by this Act applies only |
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to an ad valorem tax year that begins on or after the effective date |
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of this Act. |
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SECTION 3. This Act takes effect January 1, 2024. |
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______________________________ |
______________________________ |
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President of the Senate |
Speaker of the House |
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I certify that H.B. No. 4645 was passed by the House on May 9, |
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2023, by the following vote: Yeas 88, Nays 54, 2 present, not |
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voting. |
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______________________________ |
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Chief Clerk of the House |
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I certify that H.B. No. 4645 was passed by the Senate on May |
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24, 2023, by the following vote: Yeas 24, Nays 7. |
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______________________________ |
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Secretary of the Senate |
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APPROVED: _____________________ |
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Date |
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_____________________ |
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Governor |