Honorable Paul Bettencourt, Chair, Senate Committee on Property Tax
FROM:
John McGeady, Assistant Director Sarah Keyton, Assistant Director Legislative Budget Board
IN RE:
SB812 by Lucio (Relating to the application of the limit on appraised value of a residence homestead for ad valorem tax purposes to an improvement that is a replacement structure for a structure that was rendered uninhabitable or unusable by a casualty or by wind or water damage.), As Introduced
No fiscal implication to the State is anticipated.
The bill would amend Chapter 23 of the Tax Code, regarding property tax appraisal methods and procedures, to update the definition of "disaster recovery program" to the disaster recovery program administered by the General Land Office that is funded with community development block grant disaster recovery money authorized by federal law (instead of specific reference of the United States Congress Appropriations Act).
The bill would not affect taxable property values, tax rates, collection rates, or any other variable that might affect the revenues of units of local governments or the state.
The bill would take effect January 1, 2020.
Local Government Impact
No fiscal implication to units of local government is anticipated.