| |
| |
| |
|
|
AN ACT
|
|
|
relating to the determination of the market value of a residence |
|
|
homestead for purposes of ad valorem taxation. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 23.01, Tax Code, is amended by adding |
|
|
Subsection (c) to read as follows: |
|
|
(c) Notwithstanding Section 1.04(7)(C), in determining the |
|
|
market value of a residence homestead, the chief appraiser may not |
|
|
exclude from consideration the value of other residential property |
|
|
that is in the same neighborhood as the residence homestead being |
|
|
appraised and would otherwise be considered in appraising the |
|
|
residence homestead because the other residential property: |
|
|
(1) was sold at a foreclosure sale conducted in any of |
|
|
the three years preceding the tax year in which the residence |
|
|
homestead is being appraised and was comparable at the time of sale |
|
|
based on relevant characteristics with other residence homesteads |
|
|
in the same neighborhood; or |
|
|
(2) has a market value that has declined because of a |
|
|
declining economy. |
|
|
SECTION 2. This Act takes effect January 1, 2010. |
| |
| |
| |
______________________________ |
______________________________ |
| |
President of the Senate |
Speaker of the House |
| |
| |
|
|
I certify that H.B. No. 1038 was passed by the House on March |
|
|
31, 2009, by the following vote: Yeas 144, Nays 0, 1 present, not |
|
|
voting. |
|
|
|
|
|
______________________________ |
|
|
Chief Clerk of the House |
| |
| |
|
|
I certify that H.B. No. 1038 was passed by the Senate on May |
|
|
26, 2009, by the following vote: Yeas 31, Nays 0. |
|
|
|
|
|
______________________________ |
|
|
Secretary of the Senate |
|
|
APPROVED: _____________________ |
|
|
Date |
|
|
|
|
|
_____________________ |
|
|
Governor |