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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 ad valorem tax purposes on the basis of the property's |
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value as a residence homestead. |
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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) The market value of a residence homestead shall be |
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determined solely on the basis of the property's value as a |
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residence homestead, regardless of whether the residential use of |
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the property by the owner is considered to be the highest and best |
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use of the property. |
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SECTION 2. This Act takes effect only if the constitutional |
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amendment proposed by the 81st Legislature, Regular Session, 2009, |
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authorizing the legislature to provide for the ad valorem taxation |
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of a residence homestead solely on the basis of the property's value |
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as a residence homestead is approved by the voters. If that |
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amendment is not approved by the voters, this Act has no effect. |
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SECTION 3. This Act applies only to an ad valorem tax year |
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that begins on or after the effective date of this Act. |
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SECTION 4. This Act takes effect January 1, 2010. |