| |
| |
|
|
A BILL TO BE ENTITLED
|
|
|
AN ACT
|
|
|
relating to the treatment for ad valorem tax purposes of real |
|
|
property used for certain low-income or moderate-income housing. |
|
|
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
|
|
SECTION 1. Section 11.1825(s-1), Tax Code, is amended to |
|
|
read as follows: |
|
|
(s-1) The [For property described by Subsection (f)(2),
|
|
|
the] amount of the exemption under this section from taxation is 100 |
|
|
percent of the appraised value of the property. |
|
|
SECTION 2. Section 23.215, Tax Code, is amended by amending |
|
|
Subsection (b) and adding Subsection (c) to read as follows: |
|
|
(b) The chief appraiser shall appraise the property using |
|
|
the income method of appraisal described by Section 23.012 [in the
|
|
|
manner provided by Section 11.1825(q)]. The chief appraiser shall |
|
|
use that method regardless of whether the chief appraiser considers |
|
|
that method to be the most appropriate method of appraising the |
|
|
property. In appraising the property, the chief appraiser shall: |
|
|
(1) consider the restrictions provided by this section |
|
|
on the income of the individuals or families to whom the dwelling |
|
|
units may be rented and the amount of rent that may be charged for |
|
|
purposes of computing the actual rental income from the property or |
|
|
projecting future rental income; and |
|
|
(2) use the same capitalization rate that the chief |
|
|
appraiser uses to appraise other rent-restricted properties. |
|
|
(c) Not later than January 31 of each year, the appraisal |
|
|
district shall give public notice in the manner determined by the |
|
|
district, including posting on the district's Internet website if |
|
|
applicable, of the capitalization rate to be used in that year to |
|
|
appraise property described by this section. |
|
|
SECTION 3. Sections 11.1825(q), (r), (s), (v), (w), (x), |
|
|
and (y), Tax Code, are repealed. |
|
|
SECTION 4. The changes in law made by this Act to Sections |
|
|
11.1825 and 23.215, Tax Code, apply only to an ad valorem tax year |
|
|
that begins on or after January 1, 2016. |
|
|
SECTION 5. This Act takes effect January 1, 2016. |