Honorable Morgan Meyer, Chair, House Committee on Ways & Means
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB361 by Bernal (relating to the authority of the chief appraiser of certain appraisal districts to consider a property to be a comparable property when using the market data comparison method of appraisal to determine the market value of a residence homestead for ad valorem tax purposes.), Committee Report 1st House, Substituted
No significant fiscal implication to the State is anticipated.
The bill would prohibit the chief appraiser in a county with a population of more than 50,000 from using the sale of property as a comparable sale for determining the market value of property for which the homeowner receives a residence homestead exemption unless the owner of the sold property received a residence homestead exemption for the property on the date of the sale and the sold property is located in the same neighborhood as the property being appraised.
Local Government Impact
No significant fiscal implication to units of local government is anticipated.