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A BILL TO BE ENTITLED
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AN ACT
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relating to a study of the economic impact of requiring the |
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disclosure of the sales price of real property. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. (a) The comptroller shall conduct a study to |
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examine the impact that requiring disclosure of the sales price of |
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real property would have on the property tax system, property tax |
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revenues, the allocation of property tax burdens among taxpayers, |
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and the cost to the state to fund public education. |
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(b) The comptroller shall establish an advisory committee |
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to assist the comptroller in conducting the study. The advisory |
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committee must be composed of representatives of: |
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(1) school districts and other taxing units; |
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(2) appraisal districts; |
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(3) the profession of real estate agents; |
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(4) organizations interested in the effect of public |
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policy on low-income and moderate-income households; |
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(5) organizations representing property taxpayers; |
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and |
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(6) other appropriate interested organizations or |
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members of the public, as determined by the comptroller. |
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(c) The comptroller, with the assistance of the advisory |
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committee, shall study: |
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(1) the impact on the property tax system, property |
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tax revenues of school districts and other taxing units, the |
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allocation of property tax burdens among taxpayers, and the cost to |
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the state to fund public education: |
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(A) under the current system in which the |
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disclosure of the sales price of real property is not required by |
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law; and |
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(B) under a system in which the disclosure of the |
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sales price of real property would be required by law; and |
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(2) the statutory and administrative changes that |
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would be necessary to effectively collect, disseminate, and use |
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sales price information. |
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(d) In studying the allocation of property tax burdens among |
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taxpayers, the comptroller and the advisory committee must compare |
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the tax burden among property owners of each classification of real |
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property, including a comparison of the burden on owners of: |
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(1) commercial properties as compared to |
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single-family residential properties; |
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(2) industrial properties as compared to |
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single-family residential properties; and |
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(3) single-family residential properties for which |
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the sales price of the property is provided by a private entity, |
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such as a multiple listing service, to a chief appraiser for use by |
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the chief appraiser in determining the appraised value of the |
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property as compared to single-family residential properties for |
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which the sales price is not provided. |
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(e) The comptroller and the advisory committee shall |
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prepare a report that makes findings and recommendations regarding |
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the issues studied under Subsection (c) of this section. |
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(f) The comptroller may contract with appraisal districts, |
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taxing units, or other appropriate entities for assistance and to |
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obtain information necessary to conduct the study. A state agency, |
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appraisal district, or taxing unit shall assist the comptroller if |
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the comptroller requests information or assistance in conducting |
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the study. |
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(g) Not later than December 1, 2018, the comptroller shall |
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submit to the governor, lieutenant governor, and speaker of the |
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house of representatives the report prepared under Subsection (e) |
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of this section. |
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SECTION 2. This Act expires September 1, 2019. |
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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, 2017. |