Amend CSHB 2684 as follows:
      (1)  Insert the following new sections, appropriately
numbered, and renumber the subsequent sections accordingly:
      SECTION ____.  Section 403.302(d), Government Code, as
amended by Chapters 1039, 1040, and 1071, Acts of the 75th
Legislature, Regular Session, 1997, is  reenacted and amended to
read as follows:
      (d)  For the purposes of this section, "taxable value" means
the market value of all taxable property less:
            (1)  the total dollar amount of any residence homestead
exemptions lawfully granted under Section 11.13(b) or (c), Tax
Code, in the year that  is the subject of the study for each school
district;
            (2)  the total dollar amount of any exemptions granted
before May 31, 1993, within a reinvestment zone under agreements
authorized by Chapter 312,  Tax Code;
            (3)  subject to Subsection (e), the total dollar amount
of any captured appraised value of property that is located in a
reinvestment zone <on August 31, 1999>, <that> generates a tax
increment paid into a tax increment fund, and is eligible for tax
increment financing under Chapter 311, Tax Code, under a
reinvestment zone financing plan approved under Section 311.011(d),
Tax Code, before September 1, 1999;
            (4)  the total dollar amount of any exemptions granted
under Section 11.251, Tax Code;
            (5)  the difference between the comptroller's estimate
of the market value and the productivity value of land that
qualifies for appraisal on the basis of its productive capacity,
except that the productivity value estimated by the comptroller may
not exceed the fair market value of the land;
            (6)  the portion of the appraised value of residence
homesteads of the elderly on which school district taxes are not
imposed in the year that is the subject of the study, calculated as
if the residence homesteads were appraised at the full value
required by law;
            (7)  a portion of the market value of property not
otherwise fully taxable by the district at market value because of
action required by statute or the constitution of this state that,
if the tax rate adopted by the district is applied to it, produces
an amount equal to the difference between the tax that the district
would have imposed on the property if the property were fully
taxable at market value and the tax that the district is actually
authorized to impose on the property, if this subsection does not
otherwise require that portion to be deducted;
            (8)  the market value of all tangible personal
property, other than manufactured homes, owned by a family or
individual and not held or used for the production of income;
            (9)  the appraised value of property the collection of
delinquent taxes on which is deferred under Section 33.06, Tax
Code;
            (10)  the portion of the appraised value of property
the collection of delinquent taxes on which is deferred under
Section 33.065, Tax Code; and
            (11)  the amount by which the market value of a
residence homestead to which Section 23.23, Tax Code, applies
exceeds the appraised value of that property as calculated under
that section.
      SECTION ____.  Sections 403.302(e)-(g), Government Code, are
amended to read as follows:
      (e)  Subsection (d)(3) applies only to the captured appraised
value of:
            (1)  real property that is located in the reinvestment
zone before September 1, 1999; or
            (2)  an improvement to real property described by
Subdivision  (1), regardless of the date the improvement is made.
      (f)  The study shall determine the values as of January 1 of
each year.
      (g) <(f)>  The comptroller shall publish preliminary
findings, listing values by district, before February 1 of the year
following the year of the study.  Preliminary findings shall be
delivered to each school district and shall be certified to the
commissioner of education.
      (h) <(g)>  On request of the commissioner of education or a
school district, the comptroller may audit a school district to
determine the total taxable value of property in the school
district, including the productivity values of land only if the
land qualifies for appraisal on that basis and the owner of the
land has applied for and received a productivity appraisal.  The
comptroller shall certify the comptroller's findings to the
commissioner.
      SECTION ____.  Section 403.303(a), Government Code, is
amended to read as follows:
      (a)  A school district or a property owner whose property is
included in the study under Section 403.302 and whose tax liability
on the property is $100,000 or more may protest the comptroller's
findings under Section 403.302(g) <403.302(f)> or (h) <(g)> by
filing a petition with the comptroller.  The petition must be filed
not later than the 40th day after the date on which the
comptroller's findings are certified to the commissioner of
education and must specify the grounds for objection and the value
claimed to be correct by the school district or property owner.
      (2)  Strike SECTION 12 of the bill (committee printing page
9, line 23, through page 10, line 2) and substitute the following:
      SECTION 12.  Nothing in this Act is intended to prohibit a
member of a governing body of a taxing unit that levies taxes on
real property in the reinvestment zone from serving as a member of
the board of directors of a reinvestment zone under the Tax
Increment Financing Act (Chapter 311, Tax Code).