By Kitchen H.B. No. 3457 Line and page numbers may not match official copy. Bill not drafted by TLC or Senate E&E. A BILL TO BE ENTITLED 1-1 AN ACT 1-2 relating to optional methodology for determining residential 1-3 property appraisal values. 1-4 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: 1-5 SECTION 1. Section 23.0101, Tax Code, is amended to read as 1-6 follows: 1-7 Sec. 23.0101. Consideration of Alternate Appraisal Methods. 1-8 In determining the market value of property, the chief appraiser 1-9 shall consider the cost, income, and market data comparison methods 1-10 of appraisal and use the most appropriate method. The chief 1-11 appraiser may use an alternative appraisal method that limits the 1-12 increase in value for residential property appraisals to an 1-13 inflation rate based on the consumer price index, adjusted for the 1-14 local metropolitan statistical area, until such time as the 1-15 property is sold or undergoes improvements to the homestead in 1-16 excess of $25,000. 1-17 SECTION 2. This Act takes effect immediately if it receives 1-18 a vote of two-thirds of all members elected to each house, as 1-19 provided by Section 29, Article III, Texas Constitution. If this 1-20 Act does not receive a vote necessary for immediate effect, this 1-21 Act takes effect September 1, 2001.