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House Bill 1090 |
House Author: Gonzalez, Naomi et al. |
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Effective: 9-1-11 |
Senate Sponsor: Seliger et al. |
House Bill 1090 amends the Tax Code to require a property tax refund following the final determination of an appeal that decreases a property owner's tax liability after the property owner has paid the taxes to include interest on the amount refunded calculated at an annual rate that is equal to the sum of two percent and the most recent prime rate quoted and published by the Federal Reserve Board as of the first day of the month in which the refund is made, but not more than a total of eight percent, calculated from the delinquency date for the taxes until the date the refund is made.
The bill removes language specifying a different rate calculation for the interest if the refund is made because an exemption from property taxes for a religious organization that was denied by the chief appraiser or appraisal review board is granted and specifying interest on the refund amount at an annual rate of eight percent for any other property tax refund.