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Senate Bill 252 |
Senate Author: Estes et al. |
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Effective: 6-19-09 |
House Sponsor: Hardcastle |
Senate Bill 252 amends the Tax Code to authorize the governing body of a municipality with a population of less than 10,000 to call an election to authorize it to enter into an agreement with the owner of real property in or adjacent to an area of the municipality that has been approved for funding under Downtown Revitalization or Main Street Improvements programs administered by the Texas Department of Agriculture to limit property taxes imposed by any political subdivision. A limitation, if approved and subject to the terms and conditions of the agreement, would prohibit tax increases for the first five tax years after the tax year in which the agreement is executed. The bill provides that such a limitation expires on the earlier of January 1 of the sixth tax year following the tax year in which the agreement was executed or January 1 of the first tax year in which the owner of the property when the agreement was executed ceases to own the property. It establishes that the validity of an agreement is not affected by, and an agreement does not expire because of, a demographic change that increases the municipality's population to 10,000 or more.