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A BILL TO BE ENTITLED
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AN ACT
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relating to the appraisal for ad valorem tax purposes of property on |
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which housing is being or has been built or repaired for sale to a |
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low-income individual or family. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.181(b), Tax Code, is amended to read |
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as follows: |
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(b) Property may not be exempted under Subsection (a) after |
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the fifth anniversary of the date the organization acquires the |
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property. Property that received an exemption under Section |
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11.1825 and that was subsequently transferred by the organization |
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described by that section that qualified for the exemption to an |
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organization described by this section may not be exempted under |
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Subsection (a) after the fifth anniversary of the date the |
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transferring organization acquired the property. |
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SECTION 2. Section 11.1825, Tax Code, is amended by adding |
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Subsection (p-1) to read as follows: |
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(p-1) Notwithstanding the other provisions of this section, |
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property transferred from an organization described by this section |
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to a nonprofit organization that claims an exemption for the |
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property under Section 11.181(a) is a proper use of and purpose for |
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owning the property under this section and does not affect the |
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eligibility of the property for an exemption under this section. |
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SECTION 3. Section 23.21, Tax Code, is amended by adding |
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Subsection (c) to read as follows: |
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(c) In appraising real property that was previously owned by |
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an organization that received an exemption for the property under |
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Section 11.181(a) and that was sold to a low-income individual or |
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family meeting income eligibility standards established by the |
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organization under regulations or restrictions limiting to a |
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percentage of the individual's or the family's income the amount |
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that the individual or family was required to pay for purchasing the |
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property, the chief appraiser shall take into account the extent to |
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which that use and limitation and any resale restrictions or |
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conditions applicable to the property established by the |
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organization reduce the market value of the property. |
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SECTION 4. (a) The changes in law made by this Act to |
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Sections 11.181 and 11.1825, Tax Code, apply to the taxation of real |
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property beginning with the 2011 tax year. |
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(b) The change in law made by this Act to Section 23.21, Tax |
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Code, applies only to an appraisal of real property on or after the |
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effective date of this Act. An appraisal of real property before the |
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effective date of this Act is governed by the law in effect |
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immediately before the effective date of this Act, and that law is |
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continued in effect for that purpose. |
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SECTION 5. 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. |