Honorable Gary Gates, Chair, House Committee on Land & Resource Management
FROM:
Jerry McGinty, Director, Legislative Budget Board
IN RE:
HB5187 by Patterson (Relating to certain municipal and county regulation of conversion of certain office buildings to mixed-use and multifamily residential occupancy.), As Introduced
No significant fiscal implication to the State is anticipated.
It is assumed that any costs associated with the bill could be absorbed using existing resources.
Provisions of the bill reducing restrictions on mixed-use and multi-family residential developments could have an impact on taxable property values and the related costs to the state through the operation of the school finance formula. However, the impact is unlikely to be significant.
Local Government Impact
There could be an impact on municipalities that are currently regulating mixed-used and multifamily developments in ways that would be prohibited by the bill. A municipality or county that violates the provisions of the bill would be prohibited from adopting a property tax rate exceeding the no-new-revenue tax rate for three years.
Source Agencies:
212 Office of Court Administration, Texas Judicial Council, 302 Office of the Attorney General, 304 Comptroller of Public Accounts