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A BILL TO BE ENTITLED
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AN ACT
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relating to refunds of ad valorem taxes made following the final |
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determination of an appeal that decreases a property owner's tax |
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liability. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Sections 42.43(b) and (h), Tax Code, are amended |
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to read as follows: |
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(b) For a refund made under this section because an |
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exemption under Section 11.20 that was denied by the chief |
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appraiser or appraisal review board is granted, the taxing unit |
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shall include with the refund interest on the amount refunded |
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calculated at an annual rate that is equal to the auction average |
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rate quoted on a bank discount basis for three-month treasury bills |
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issued by the United States government, as published by the Federal |
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Reserve Board, for the week in which the taxes became delinquent, |
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but not more than 10 percent, calculated from the delinquency date |
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for the taxes until the date the refund is made. For any other |
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refund made under this section, the taxing unit shall include with |
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the refund interest on the amount refunded at an annual rate that is |
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equal to the auction average rate quoted on a bank discount basis |
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for three-month treasury bills issued by the United States |
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government, as published by the Federal Reserve Board, for the week |
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in which the taxes became delinquent, but not more than [of] eight |
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percent, calculated from the delinquency date for the taxes until |
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the date the refund is made. |
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(h) A separate form must be filed with a taxing unit under |
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Subsection (g) for each appeal to which the property owner is a |
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party. A form may be [remains in effect for all subsequent refunds
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required by this section until] revoked in a written revocation |
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filed with the taxing unit by the property owner. |
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SECTION 2. The changes in law made by this Act apply only to |
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a refund of ad valorem taxes required by Section 42.43, Tax Code, on |
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or after the effective date of this Act. A refund required under |
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that section before the effective date of this Act is governed by |
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the law in effect when the refund was required, and the former law |
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is continued in effect for that purpose. |
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SECTION 3. 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, 2011. |