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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) In determining the market value of a residence |
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homestead, the chief appraiser may not exclude from consideration |
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the value of other residential property that is in the same |
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neighborhood as the residence homestead being appraised and would |
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otherwise be considered in appraising the residence homestead |
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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; 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. |