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House Bill 316 |
House Author: Miller |
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Effective: 1-1-08 |
Senate Sponsor: Fraser |
Under current law, with certain exceptions, a leasehold in real property that is exempt from taxation to the owner of the property must be listed on the records of an appraisal district if the duration of the leasehold is at least one year. House Bill 316 amends the Tax Code to add a leasehold or other possessory interest in exempt property that is part of a rail facility owned by certain rural rail transportation districts to the list of properties exempt from being listed on the records of an appraisal district. The bill also expands the exemption for property that is part of a public transportation facility to include a facility owned by a county.