By Eiland                                             H.B. No. 3478
         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 the income method of appraisal for property purposes.
 1-3           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-4           SECTION 1. Section 23.012, Tax Code, is amended to read as
 1-5     follows:
 1-6           If the chief appraiser uses the income method of appraisal to
 1-7     determine the market value of real property, the chief appraiser
 1-8     shall:
 1-9                 (1)  use [rental] income and expense data pertaining to
1-10     the property if possible and applicable;
1-11                 (2)  make any projections of future [rental] income and
1-12     expenses only from clear and appropriate evidence;
1-13           SECTION 2.  This Act takes effect immediately if it receives
1-14     a vote of two-thirds of all the members elected to each house, as
1-15     provided by Section 39, Article III, Texas Constitution.  If this
1-16     Act does not receive the vote necessary for immediate effect, this
1-17     Act takes effect September 1, 2001.