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A BILL TO BE ENTITLED
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AN ACT
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relating to qualification for an ad valorem tax exemption for |
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property used to provide low-income or moderate-income housing in |
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the event of a change in ownership of the property as a result of a |
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foreclosure sale. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.182, Tax Code, is amended by amending |
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Subsection (j) and adding Subsection (k) to read as follows: |
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(j) An organization may not receive an exemption under |
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Subsection (b) or [under Subsection] (f)[, as added by Chapter
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1191, Acts of the 77th Legislature, Regular Session, 2001,] for |
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property for a tax year [beginning on or after January 1, 2004,] |
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unless the organization received an exemption under that subsection |
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for the [that] property for any part of the 2003 tax year. |
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(k) Notwithstanding Subsection (j) of this section and |
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Sections 11.43(a) and (c), an exemption under Subsection (b) or (f) |
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does not terminate because of a change in the ownership of the |
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property if the property is sold at a foreclosure sale and, not |
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later than the 30th day after the date of the sale, the owner of the |
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property submits to the chief appraiser evidence that the property |
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is owned by an organization that meets the requirements of |
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Subsections (b)(1), (2), and (4). If the owner of the property |
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submits the evidence required by this subsection, the exemption |
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continues to apply to the property for the remainder of the current |
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tax year and for subsequent tax years until the owner ceases to |
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qualify the property for the exemption. This subsection does not |
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prohibit the chief appraiser from requiring the owner to file a new |
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application to confirm the owner's current qualification for the |
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exemption as provided by Section 11.43(c). |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |