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A BILL TO BE ENTITLED
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AN ACT
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relating to the exemption from ad valorem taxation of certain |
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property used to provide low-income or moderate-income housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 11.1825, Tax Code, is amended by |
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amending Subsections (s) and (v) and adding Subsection (z) to read |
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as follows: |
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(s) Unless otherwise provided by the governing body of a |
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taxing unit any part of which is located in a county with a |
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population of at least 1.8 million under Subsection (x) or as |
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provided by Subsection (z), for property described by Subsection |
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(f)(1), the amount of the exemption under this section from |
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taxation is 50 percent of the appraised value of the property. |
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(v) Except as provided by Subsection (z), notwithstanding |
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[Notwithstanding] any other provision of this section, an |
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organization may not receive an exemption from taxation of property |
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described by Subsection (f)(1) by a taxing unit any part of which is |
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located in a county with a population of at least 1.8 million unless |
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the exemption is approved by the governing body of the taxing unit |
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in the manner provided by law for official action. |
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(z) Notwithstanding any other provision of this section, an |
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owner of real property described by Subsection (f)(1) or (2) is |
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entitled to an exemption under this section from taxation of 100 |
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percent of the appraised value of the property regardless of |
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whether the owner meets the requirements of Subsection (b) or of |
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Subsections (c) and (d) if: |
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(1) the owner is exempt from federal income taxation |
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under Section 501(a), Internal Revenue Code of 1986, as amended, by |
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being listed as an exempt entity under Section 501(c)(3) of that |
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code and the owner otherwise qualifies for an exemption for the |
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property under this section; |
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(2) the property was previously owned by a local |
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government corporation created by a municipality under Chapter 431, |
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Transportation Code, or Chapter 394, Local Government Code, or a |
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predecessor statute for purposes that include promoting, |
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developing, encouraging, and maintaining affordable housing in a |
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tax increment financing reinvestment zone created by the |
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municipality under Chapter 311, Tax Code; and |
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(3) the property is located in a county with a |
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population of at least four million. |
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SECTION 2. This Act applies only to ad valorem taxes imposed |
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for a tax year beginning on or after the effective date of this Act. |
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SECTION 3. This Act takes effect January 1, 2016. |