H.B. 703 78(R) BILL ANALYSIS H.B. 703 By: Solomons Local Government Ways and Means Committee Report (Unamended) BACKGROUND AND PURPOSE Currently, if a property is located in districts that are appraised by two different appraisal districts, the property may have two different valuations. These values may be different by several thousand dollars. Appraisers are encouraged by statute to coordinate to have the same value, but this may not necessary take place. House Bill 703 would require both districts to adopt the lower of the two valuations. RULEMAKING AUTHORITY It is the committee's opinion that this bill does not expressly grant any additional rulemaking authority to a state officer, department, agency, or institution. ANALYSIS House Bill 703 amends the Tax Code to require appraisers of two different districts to communicate and accept the lower of the two evaluations on a property. If a protest, appeal or other action has the effect of lowering the appraised or market value of the property, the appraiser of the district in which the action took place must notify all other appraisal districts affected and the districts shall reduce their evaluations accordingly. This bill affects only appraisals for ad valorem taxes. EFFECTIVE DATE January 1, 2004.