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A BILL TO BE ENTITLED
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AN ACT
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relating to the determination of the market value of a residence |
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homestead for purposes of ad valorem taxation. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 23.01, Tax Code, is amended by adding |
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Subsection (c) to read as follows: |
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(c) Notwithstanding Section 1.04(7)(C), in determining the |
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market value of a residence homestead, the chief appraiser may not |
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exclude from consideration the value of other residential property |
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that is in the same neighborhood as the residence homestead being |
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appraised and would otherwise be considered in appraising the |
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residence homestead because the other residential property: |
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(1) was sold at a foreclosure sale conducted in any of |
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the three years preceding the tax year in which the residence |
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homestead is being appraised and was comparable at the time of sale |
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based on relevant characteristics with the residence homestead; or |
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(2) has a market value that has declined because of a |
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declining economy. |
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SECTION 2. This Act takes effect January 1, 2010. |