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Senate Bill 731 |
Senate Author: Bettencourt |
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Effective: 9-1-17 |
House Sponsor: Bohac |
Senate Bill 731 amends the Tax Code to increase from $3 million to $5 million the maximum appraised or market value of property as determined by an appraisal review board order determining a protest concerning the value of the property that triggers a property owner's entitlement to appeal such an order through binding arbitration. The bill sets the amount of the arbitration deposit to appeal an appraisal review board order through binding arbitration at $1,550 if the property does not qualify as the owner's residence homestead and the appraised or market value, as applicable, of the property is more than $3 million but not more than $5 million, as determined by the order. The bill, with regard to the same property, sets the maximum arbitration fee at $1,500.