By Hunter                                             H.B. No. 2697
         76R8584 JD-F                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to the appraisal of property for ad valorem tax purposes.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1.  Section 1.04(6), Tax Code, is amended to read as
 1-5     follows:
 1-6                 (6)  "Intangible personal property" means a claim,
 1-7     interest (other than an interest in tangible property), right, or
 1-8     other separately identifiable thing that has value but cannot be
 1-9     seen, felt, weighed, measured, or otherwise  perceived by the
1-10     senses, although its existence may be evidenced by a document.  It
1-11     includes a stock, bond, note or account receivable, franchise,
1-12     license or permit, demand or time deposit, certificate of deposit,
1-13     share account, share certificate account, share deposit account,
1-14     insurance policy, annuity, pension, cause of action, contract, and
1-15     goodwill.  It does not include intangible value that is associated
1-16     with and is dependent for its existence on an item of real or
1-17     personal property and that is capable of being owned separately
1-18     from that item.
1-19           SECTION 2.  Subchapter A, Chapter 23, Tax Code, is amended by
1-20     adding Section 23.03 to read as follows:
1-21           Sec. 23.03.  INTANGIBLE VALUE OF PROPERTY.  In determining
1-22     the market value of real or personal property, the chief appraiser
1-23     shall include any intangible value associated with and dependent
1-24     for its existence on that property, including characteristics such
 2-1     as location, availability of views, brand name, zoning status, or
 2-2     the existence of a permit or other authorization governing the use
 2-3     of the property.
 2-4           SECTION 3.  This Act takes effect January 1, 2000, and
 2-5     applies only to an appraisal of property for a tax year that begins
 2-6     on or after that date.
 2-7           SECTION 4.  The importance of this legislation and the
 2-8     crowded condition of the calendars in both houses create an
 2-9     emergency and an imperative public necessity that the
2-10     constitutional rule requiring bills to be read on three several
2-11     days in each house be suspended, and this rule is hereby suspended.