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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 certain |
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property used to provide affordable housing. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Section 23.21, Tax Code, is amended by adding |
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Subsection (f) to read as follows: |
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(f) This subsection applies only to real property that was |
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previously owned by a charitable organization meeting the |
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requirements of Sections 11.18(e) and (f) and that was sold to a |
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low-income or moderate-income individual or family meeting income |
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eligibility standards established by the organization under |
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regulations or restrictions limiting to a percentage of the |
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individual's or the family's income the amount that the individual |
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or family was required to pay for purchasing the property. If the |
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property was sold pursuant to a shared or fixed appreciation |
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affordable housing program established by the organization the |
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regulations of which provide that for a fixed period of time the |
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organization is entitled to a portion of the appreciation in value |
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of the property, if any, on sale of the property, the chief |
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appraiser: |
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(1) may not take into account the portion of the |
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appreciation in value of the property the organization would be |
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entitled to receive if the property were sold on January 1 of the |
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tax year in which the property is appraised when determining the |
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appraised value of the property in that tax year; and |
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(2) shall take into account when appraising the |
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property the extent to which any regulations, resale restrictions, |
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or 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 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, 2018. |